South Africa's rand firmed on Friday after President Cyril Ramaphosa said his government would launch a second wave of reforms to try to boost economic growth. At 1531 GMT, the rand traded at 18.37 against the U.

South African President Cyril Ramaphosa appeared to respond to threats from U.S. counterpart Donald Trump by saying in his annual speech to the nation that his country would “not be bullied.”

Clear battle lines between South Africa’s Government of National Unity and US President Donald Trump’s new administration have emerged after a week of rising tensions.