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Obviously, appreciation of domestic currency as the result from speculative attack can not be achieved (Central Bank will only increase its reserves), that's why any speculative attack is aimed at depreciation of domestic currency. For the attack to be successful speculators must create substantial short term demand for foreign currency, which can not be satisfied by Central Bank at current fixed exchange rate because of the lack of foreign reserves.
Speculative attacks are a very widespread phenomenon: they were in tens of countries in the world, including Russia on October 11, 1994. In a short term these attacks harm the economy: the stock market goes down, domestic currency depreciates, inflation pressure grows...
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