S African rand firms in volatile trade, stocks fall

JOHANNESBURG: The South African rand strengthened on Friday, but lost some of its early gains as the dollar regained some ground.

Investor sentiment and trading moves have been see-sawing since the beginning of the year amid uncertainty about the size of likely U.S. monetary tightening and the exact timing of it.

After less hawkish commentary from Federal Reserve Chairman Jerome Powell and U.S. jobless numbers broadly in line with expectations had pressured the dollar, Fed Governor Lael Brainard signalled on Thursday that rates would rise in March, helping the U.S. currency back higher.

At 1540 GMT, the rand traded at 15.3579 against the dollar, up 0.27% from its previous close, but in volatile trade.

The dollar was on track to snap a three-day losing streak against a basket of currencies on Friday.