# South African rand jumps on falling U.S. yields; BRICS summit kicks off | CNBC Africa

> The rand jumped about 1% on Tuesday to 18.79 per dollar as US Treasury yields fell and the BRICS summit opened in Johannesburg. Analysts said the rally would need continued falling US yields to last. The summit was not expected to give the market lasting momentum without implementable policies.

- Date: 2023-08-22 · published 2023-08-22T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/34883-south-african-rand-jumps-on-falling-u-s-yields-brics-summit-kicks-off-cnbc
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Lower US yields weakened the dollar and lifted the rand, which lowers rand costs for dollar-priced feed imports. The move is driven by US rates rather than South African fundamentals.

## Read by commodity

- USDZAR: bearish ▼

## Sources

- cnbcafrica.com: https://www.cnbcafrica.com/2023/south-african-rand-jumps-on-falling-u-s-yields-brics-summit-kicks-off

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.