The foreign exchange market, and particularly the exchange rate of the rand, came under pressure for only a few weeks in October last year. Prices on the Johannesburg Stock Exchange were more directly affected, although the declines registered at that time were wiped out by a strong bull run over the past three months.
Some other emerging markets, for example Brazil, were affected much more severely than South Africa. The question is often asked why was South Africa left almost unimpaired by the East Asian crisis?