Let’s try to develop this a bit further to see whether there is any clear, fairly universally-accepted idea of how exchange rates should move in the circumstances in which these countries found themselves. Perhaps the nearest guidance we can get from formal academic ideas is the old discussion about the “transfer problem”.
The key point is that as financial flows shift from one country to another, it is necessary to induce equivalent real flows of goods and services (which would take the form of a current account deficit, corresponding to the financial flows in the capital account).