South african foreign currency rating
'SA's strong democracy resonating with investors'
Lesetja Kganyago told CNBC Africa in an interview on Thursday that this was a sign of investor confidence.
Wealth Manager Warren Ingram explains why he believes the rand is bound to recover from its current low.
At 1455 GMT the rand was trading 1,36 percent weaker at 12,1860 to the dollar.
Analysts said hopes of a wage deal in South Africa's public sector also provided a boost.
By 1410 GMT the rand had firmed 0,72 percent to 11,7950 per dollar.
The rand strengthened against the US dollar on Friday, shaking off a credit downgrade.
At 1620 GMT the rand had softened 0,3 percent to 11,8285 per dollar in volatile trade.
Foreign direct investment inflows to South Africa more than doubled to $10.3 billion in 2013.
The currency stabilised in afternoon trading but remained well over the 11 mark.
The ANC secretary general said the rand had been sliding for some time.
Busa said the freezing of salaries for business leaders is in solidarity with poor people.
South Africa's foreign currency rating has been downgraded to BBB status.