S.Africa's rand reverses losses against dollar

JOHANNESBURG (Reuters) - South Africa's rand reversed its earlier losses against the dollar on Friday to trade slightly firmer in late Johannesburg trade.

The rand was trading at 7.4795 against the dollar at 1323 GMT, 0.21 percent firmer than its previous close of 7.4950. It fell 2 percent to 7.6450 earlier as investor worries about Dubai debt concerns prompted a sell-off of high-risk assets.

"I would imagine there's a bit of profit-taking because there's been a lot of sellers lately. Maybe there was over-reaction to the Dubai story," said a local trader.