Uncovered interest parity and asymmetric capital controls
In principle it shouldn't really matter that a sub-population (in this case the locals) have capital restrictions, so long as the unrestricted population is sufficiently large.  The UIP model only needs that the capital can flow - it doesn't mind who is doing it.

In this case, so long as the foreign investors have not completely left, then in aggregate the restriction shouldn't make a difference.

Furthermore, if foreign investors are able to short sell to locals (which I think they can?), then you can even create extreme capital outflows.