It is a two-way relationship, sometimes the devaluation of currency may lead to inflation, and other times the higher inflation may put pressure on currency value. In both cases, the fluctuation in the exchange rate may significantly increase.

You may conduct empirical research to identify either case. You may find these theories in any good book of macroeconomics.

Have a look at the following sources:

https://mitpress.mit.edu/books/exchange-rate-regimes-modern-era

https://www.sciencedirect.com/science/article/abs/pii/B9780444543141000070

Interesting relationship er = f(p) or p = f(er)?

see my article about exchange rates Chapter Integrated Exchange Rate Model