The rand remained range bound against the dollar in early trade on Friday, but was off its overnight best levels.

At 8.55am the rand was bid at 9.4250 to the dollar from an overnight close of 9.3425. It was bid at 12.8156 to the euro from a previous 12.6519 and at 13.6504 against sterling from 13.5039 before.

The euro was bid at $1.3583 from $1.3525 overnight.

"We have an oversold problem on the rand - it has come down very quickly," aid a local currency trader.

He added that the rand needs to consolidate and if it fails to move above the mid 9.50s, then there was a possibility it could move back to the mid 9.30s or lower. He expects the rand to trade in a 9.35 to 9.45 range for the day.