JOHANNESBURG, June 12 Reuters The South African rand extended gains on Monday, building from the previous week, as investor sentiment towards Africa39;s most industrialised economy improved.

At 1317 GMT, the rand traded at 18.5250 to the dollar, over 1 stronger than its closing level on Friday.

The dollar was slightly weaker trading at 103.450 against a basket of global currencies.

Analysts say the rand39;s gains come partly on the back of reduced intensity of power cuts at home and speculation that the BRICS summit of emerging countries may be moved out of Johannesburg due to the arrest warrant by International Criminal Court hanging over Russian President Vladimir Putin39;s head.

The other factor that investors have cheered in recent days is reduced tensions between South Africa and the West regarding Russian relations, said Kieran Siney of ETM Analytics.

South Africa39;s President Cyril Ramaphosa is expected this week to travel to Russia and Ukraine for an Africaled peace mission in an attempt to end the ongoing war.

We usually see these types of dilemmas as an opportunity for foreigners to buy back into South Africa, even though it is mostly foreigners that created the initial selloff, said Casparus Treurnicht, a Gryphon Asset Management portfolio manager.

The rand has recovered over 6 in June after plummeting around 7 in May.

South Africa39;s sovereign dollardenominated bonds also continued their June rally, with the 2044 maturity up the most, rising…