The South African rand slipped to an 11-week low on Monday as traders prepared for a BRICS summit and assessed the broader risks facing emerging-market assets. The move reflected renewed caution in global currency markets, where investors are watching political signals and possible shifts in capital flows.

Analysts said the currency came under pressure as market participants weighed the likelihood that uncertainty around the summit could add to volatility. The rand has often been sensitive to changes in risk appetite, especially when investors move money out of higher-yielding emerging markets and into safer assets.

The latest decline also comes as South Africa continues to navigate a fragile economic backdrop. Slower growth, policy uncertainty, and external pressures have made the currency vulnerable to swings in investor sentiment.

While the summit is expected to draw attention across the bloc, the rand’s latest drop underscores how quickly geopolitical events and global market caution can affect currencies in developing economies.