At 1430 GMT, the rand traded at 15.1750 against the dollar, 1.08% stronger than its close on Thursday, when it slumped in risk-off trade linked to Russia's assault on Ukraine.
Gold - a key South African export and safe haven at times of financial or geopolitical uncertainty - was set for a fourth weekly rise in a row as investors assessed the fallout from the Ukraine crisis and sanctions imposed on Russia by the West.
"The rand has been supported by rising prices of precious metals such as gold, which benefits the resource-rich country, along with pro-business reform pledges," Bianca Botes, director Citadel Global, said in a note.
Despite its modest recovery on Friday, the rand was still on course for a loss against the dollar this week. Ukraine headlines overshadowed the improved fiscal outlook in South Africa's annual budget on Wednesday.
Stocks rose, with the Johannesburg Stock Exchange's Top-40 Index climbing 0.72% to 67,719 points and the broader All-Share Index up 0.69% at 74,206 points.
Companies that benefit from a stronger rand, including financial firms, drove the rise. The biggest winner of the day, however, was Africa's largest mobile operator by subscribers, MTN, which ended the day 4.39% higher.
MTN typically climbs when the price of oil rises, as it has in recent days amid the Russia-Ukraine conflict, as key MTN subsidiaries are based in oil dependent economies such as Nigeria, Africa's biggest crude producer.
Government bonds firmed alongside the currency with the yield on benchmark 2030 paper falling 17.5 basis points to 9.27%.
(Reporting by Alexander Winning, Olivia Kumwenda and Emma Rumney; Editing by David Clarke)
