The article examines the relationship between exchange rates and stock prices in BRICS countries over a 17-year period. The researchers found that the stock prices and exchange rates of Russia and China closely follow each other. They also discovered a negative relationship between exchange rates and stock prices in Russia, India, and South Africa. Additionally, a long-term relationship was observed between the markets of Russia and China, especially during crisis periods. In the pre-crisis period, this relationship was also present in Russia, India, and China, but it seemed to be lost in the post-crisis period.