South African Rand coins are seen in this illustration picture taken October 28, 2020.
REUTERS/Mike Hutchings/Illustration Acquire Licensing RightsJOHANNESBURG, Aug 22 (Reuters) - The South African rand gained on Tuesday as risk appetite returned to global markets due to falling U.S. Treasury yields, as the first day of the BRICS summit of emerging economies kicked off in Johannesburg.
At 1605 GMT, the rand traded at 18.7900 against the dollar , about 0.9% stronger than its previous close.
South Africa is hosting the leaders of Brazil, India and China for the Tuesday-to-Thursday summit, while Russian President Vladimir Putin will join virtually.
The BRICS summit "is unlikely to provide the market with significant or sustainable momentum until the bloc adopts implementable policies," Greeff said.
Persons:
Mike Hutchings, Danny Greeff, Vladimir Putin, Putin, Greeff, Tannur Anders, Bhargav Acharya, Mark Potter, Jonathan Oatis
Organizations:
REUTERS, Rights, Treasury, Analytics, Johannesburg Stock Exchange, Thomson
Locations:
Rights JOHANNESBURG, Johannesburg, U.S, Africa, Brazil, India, China, South Africa, Ukraine