Investing during a time of high inflation - What are you doing?

[MuddyBoots]

I'm a bit late to this discussion, but I've just had a thought about the subject.

In countries with a chronic inflation problem, like some developing economies, the locals have a hedging tactic of (unofficially) trading in foreign currency like dollars for example. Like market traders who sell to tourists. I'm not very well versed in this subject, but maybe it works because high inflation causes the local currency to weaken and exchange rates to rise.

So can we do the same thing with our investment strategy and use assets (like equity funds) based in countries with low inflation if you can find them? I mostly use global index trackers which are heavily denominated in dollars, but switching them would mean forecasting which other economies would have a low inflation while ours is high, and a with a relatively low risk as I don't want to put a large amount into the developing world. So perhaps the extra risks would outweigh the benefits.