South African rand weakens ahead of BRICS, CPI

The South African rand strengthens against the US dollar as risk appetite returns to global markets due to falling US Treasury yields on the first day of the BRICS summit, although the summit is unlikely to provide significant or sustainable momentum until the bloc adopts implementable policies.

The South African rand strengthened nearly 2% against the U.S. dollar after July inflation data came in lower than expected and the dollar weakened.

The South African rand weakened in response to higher U.S. Treasury yields and concerns over further U.S. interest rate hikes, as stated by Federal Reserve Chair Jerome Powell, which typically has a negative impact on risk assets.

The South African rand weakened as the dollar rebounded and credit extension in the country slowed more than expected.

The South African rand weakened due to the country experiencing the worst power cuts on record and ahead of the release of second quarter GDP data.

The South African rand weakened against the dollar after mining figures showed a drop in production, contradicting analysts' predictions of an increase.