Johannesburg - The rand recouped some of its steep losses against the dollar on Wednesday, gaining 1%, but still hovered around the 13-year low hit after a sell-off of emerging market currencies.
Late afternoon on Wednesday the rand was trading down 1.54% at R12.29 to the dollar.
Early on Wednesday the rand extended losses triggered by a sell-off of emerging market currencies on expectations that US interests rates could rise by mid-year.