THE rand remained under pressure and volatile in afternoon trade on Friday amid global economic growth jitters.

At 3.52pm the rand was bid at R8,3905 to the dollar from its previous close of R8,3794. The currency was bid at R10,5409 to the euro from its previous close of R10,5095 and at R13,0797 against sterling from R13,0614 before.

The euro was bid at ?1,2566 to the dollar, from its previous close of $1,2544.

Currency traders awaited the outcome of political euro-zone meetings in Rome and Luxembourg and remained cautious ahead of next week's summit of European Union leaders, Dow Jones Newswires reported.

The euro extended the sharp fall seen in US hours on Thursday as dealers in Europe digested Moody's rating agency's downgrade of 15 major banks.

"Thursday's vicious global moves highlighted that risk remains elevated. Some weakness in the rand is justified," RMB said in a note.

mahlangua@bdfm.co.za