Riskier currencies such as the rand thrive on U.S. interest rates staying low because they benefit from the rate differential that increases their appeal for so-called carry trade, in which investors borrow in a low-yielding currency to invest in higher-yielding assets.

At 1508 GMT, the rand traded at 14.7040 against the dollar, 0.5% stronger than its previous close.

The U.S. dollar weakened to a one-week low against a basket of currencies on Friday. [FRX/]

"We are unlikely to trade much below R14.70. Emerging markets, in general, are trading sideways as traders look for clues to any change in the U.S. Fed's stance," Andre Cilliers, currency strategist at TreasuryONE said in a note.

Minutes of the U.S. Federal Reserve's July meeting will be in focus next week for cues on the central bank's stimulus tapering. Speculation about its timing weighed on riskier currencies this week.

Government bonds firmed, with the yield on the benchmark instrument due in 2030 down 5 basis points to 8.885%.

Among equities, South African stocks followed their emerging market peers lower as investors pulled out of highly valued tech stocks in Asia, spooked by regulatory crackdowns and rising COVID-19 cases in China.

Congestion off China's top two container ports in Shanghai and Ningbo worsened following the shutdown of a container terminal in Ningbo where a COVID-19 case was detected this week.

"The fear is that this could place a further strain on shipping, which will lead to increased prices, fuelling the flames of inflation and denting economic recoveries. This could signal a little bit of "risk-off" in the market," TreasuryONE's Cilliers said.

The Johannesburg Stock Exchange's broader All-Share Index dipped 0.02% to 69,384 points and the Top-40 Index was little changed at 63,269 points.

Leading the decliners was retail group Massmart, majority owned by Walmart Inc, which fell 9.14% after reporting an impairment of the carrying value of assets in Game store chains of approximately 570 million rand ($38.80 million).

The Asia tech rout dragged down e-commerce giant Naspers and its subsidiary Prosus, whose main listing is in Amsterdam.

Prosus, which holds a 28.9% stake in Chinese internet behemoth Tencent, fell 2.50%, while Naspers declined 1.02%

($1 = 14.6911 rand)

(Reporting by Nqobile Dludla and Olivia Kumwenda-Mtambo; Editing by Uttaresh.V and Sherry Jacob-Phillips)