In South Africa Rand bounces back after budget-related drop

South Africa's rand firmed 1 percent against dollar to 13.3950 on Thursday

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South African Finance Minister, Nhlanhla Nene play

South African Finance Minister, Nhlanhla Nene

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South Africa's rand firmed 1 percent against dollar to 13.3950 on Thursday, recovering some of its losses from the previous session when investors pulled back after finance minister Nhlanhla Nene cut this year's growth forecast.

South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko play South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko

 

READ: Rand, bonds on backfoot after medium term budget

Gold bars are displayed at South Africa's Rand Refinery in a file photo. play Gold bars are displayed at South Africa's Rand Refinery in a file photo.

 

"The rand was a bit oversold after yesterday," said Ryan Woods, senior trader at Independent Securities.

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