In early trade the rand was at R19.03 to the dollar.
The rand weakened in early trade on Monday, ahead of a week packed with the Brics summit of emerging market economies and monthly inflation figures. At 0609 GMT, the rand traded at R19.03 against the dollar, around 0.2% weaker than its previous close. The dollar last traded flat against a basket of global currencies. The rand has fallen over 6% against the greenback this month and nearly 12% this year.
From Tuesday to Thursday, South Africa will host the Brics summit of emerging market economies, welcoming leaders from Brazil, Russia, India and China. Over twenty countries have submitted formal admission requests to join the bloc, with Brics’s potential expansion on the agenda. On Wednesday, South Africa’s July consumer price index will be published. Inflation was 5.4% in June and within the South African Reserve Bank’s target range of 3%-6%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South African rand weakens ahead of BRICS, CPIThe South African rand weakened in early trade on Monday, ahead of a week packed with the BRICS summit of emerging market economies and monthly inflation figures.
Read more »
Ramaphosa seeks to allay global jitters ahead of BRICS summitPresident Cyril Ramaphosa sought to allay global jitters ahead of the BRICS summit and affirmed South Africa's neutrality in the shifting global power dynamics.
Read more »
Police Minister Cele to brief security personnel ahead of start of BRICS SummitThe 15th BRICS Summit is taking place at the Sandton Convention Centre on Tuesday, with at least 40 heads of state in attendance.
Read more »
Africa Live: SA leader stresses neutrality ahead of Brics summitPresident Cyril Ramaphosa says South Africa will not be drawn into a contest between global powers - and more.
Read more »
BRICS bloc discussed greater use of local currencies for trade purposes: PandorInternational Relations and Cooperation Minister Naledi Pandor says that the BRICS bloc has been focused on discussing greater use of local currencies for trade purposes, rather than replacing the US dollar as the main currency for global trade.
Read more »
BRICS allies key in SA's agri-trade: Wandile SihloboChairperson of the BRICS Agri Business Working Group, Wandile Sihlobo, has highlighted the importance of South Africa deepening agricultural trade with fellow BRICS member countries.
Read more »