The rand was upbeat in late trade on Friday as the Dow opened higher amid a global rise in risk appetite.

By 3.50pm the rand was bid at 7.7505 to the dollar from its previous close of 7.7850. It was bid at 12.2095 to the euro from a previous 12.3753 and at 15.4405 against sterling from 15.5027 before.

The euro was bid at US$1.5749 from $1.5892 overnight, while gold was quoted at $912.18 a troy ounce from $940.20 overnight.

Dow Jones Newswires reports that the dollar rose Friday morning in New York above Y104.0 for the first time since late February on growing risk appetite on the back of company earnings.

The dollar also shed some of its sharp losses against the euro from earlier in the week, when US stock futures jumped Friday as investors decided Citigroup Inc.'s (C) first quarter writedowns could have been worse and after stronger-than-expected results from internet search giant Google Inc. (GOOG) late Thursday. The euro fell to an intraday low of $1.5711 recently, after rising to an all-time high of $1.5985 a day earlier.

"Google was important overnight, but you also have the Citi numbers, it really looks like a healing story in general," said Win Thin, currency strategist at Brown Brothers Harriman in New York. "Risk appetite is back, the yen has sold off."

Analysts at Brown Brothers Harriman add that there is also growing evidence that credit conditions in the US have eased.

Bonds crimp back some losses on rand

Bonds crimped back a few lost points in late afternoon trade on Friday thanks to a strong rand, but direction remains uncertain and trade volatile ahead of next week's inflation data.

By 4.04pm the short-term government R153 bond was at 9.975 percent from 9.940 percent at its previous close, while the medium-term R157 was at 9.255 percent from 9.210 percent at its previous close. The longer-term R186 bond was bid at 9.090 percent from its previous close of 9.035 percent.

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