Johannesburg - The rand extended losses against the dollar early on Monday after a statement by US Federal Reserve chair Janet Yellen on Friday signalled the bank was on course to raise interest rates later this year, stoking greenback buying.
By 06:45 GMT the rand had softened 0.28T to a week-low of R12.0690 per dollar, remaining above the crucial technical level that is likely to see the unit weaken further towards 2002 lows of R12.6500.
The rand flirted with three-week highs in the previous week before capitulating to a firming dollar, as inflation pressures increased with local petrol prices set to rise 14% on Wednesday.