South Africa's rand hits one-week low

South Africa's rand extended losses against the dollar on Monday, hitting a new one-week low, as a basket of currencies suffered at the hand of a stronger greenback. At 1437 GMT the rand was trading 0.74 percent weaker at 12.1240 to the dollar compared with its closing level on Friday.
"It's a general risk-off feel to the market and also the dollar strengthened on the day," Rand Merchant Bank trader Jim Bryson said. The dollar index, which measures the greenback against a basket of six major currencies, was up 0.54 percent at 97.817.
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 percent on Wednesday.