South Africa’s rand slipped for a third consecutive session on Friday after reports that BRICS finance ministers could not agree on new funding for the New Development Bank. The currency touched an intraday low of 18.42 against the dollar as traders reacted to the lack of progress at the summit.

The setback added pressure to a currency already sensitive to global risk sentiment, capital flows and shifts in emerging-market financing. Investors are closely watching whether the bloc can move forward on fresh capital injections for the development bank, which was created to help fund infrastructure and development projects across member states.

When talks stall, markets often read it as a sign of uncertainty around policy coordination and future financing plans. For South Africa, that uncertainty can weigh on the rand, especially when broader emerging-market conditions remain fragile.

The latest move underscores how tightly the currency is linked to developments beyond domestic economic data. With no immediate breakthrough reported from the BRICS meeting, traders remained cautious and the rand stayed under pressure into the session.