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Johannesburg - South Africa's rand was largely steady against the dollar on Friday after snapping a 10-day losing streak overnight although potential for further weakness remains as the prospect of strikes hangs over the economy.
The rand was at R9.5250/$ at 09:06, little-changed from Thursday's close at R9.5351.
The currency recouped some of its recent heavy losses on Thursday after the central bank kept interest rates on hold and said the market would be ahead of itself if it automatically priced in a rate cut soon.
But the reprieve for the currency could be temporary as investors worry about strikes, particularly in the mining sector. The main labour federation COSATU is also threatening protests against an unpopular road toll in the commercial hub of Gauteng province.
"The fact that there could be more domestic industrial action today could ensure that the rand remains on the back foot into the weekend," Absa Capital said in a note to clients.
"Even though the rand has already weakened substantially over the past fortnight, we are still struggling to see catalysts for a sustained recovery in the local unit."
Government bonds were mixed in early trade, with the yield on the 2026 issue adding 1 basis point to 7.095% while the yield on the 2015 instrument dipped by the same margin to 5.25%.
