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South Africa's rand was listless against a steady dollar on Friday, as investors assessed the prospects that the U.S. Federal Reserve might pause its rate-hike trajectory.

South African stocks fell on Friday after a plunge in European banking shares shook up the local market, while the rand weakened against a stronger U.S. dollar.

The Canadian dollar weakened to a nine-day low against its U.S. counterpart on Friday before recouping much of its decline, as investors weighed global banking sector stress and data showing some major sectors of Canada's economy weakening in February.

Deposits at small U.S. banks dropped by a record amount following the collapse of Silicon Valley Bank on March 10, data released on Friday by the Federal Reserve showed.

Investors are relying on an old strategy to navigate the current tumult in asset prices: buying shares of the massive U.S. companies that led markets higher for years.

For the first time in a year the Federal Reserve has left its next policy step in doubt as officials weigh the risks of continued high inflation against a possibly looming U.S. credit crunch that could slow the economy in sharp and potentially unexpected ways.

Most Gulf stock markets ended lower on Thursday, as oil prices declined after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy.

South Africa's rand strengthened against a weaker dollar on Thursday after the U.S. Federal Reserve signalled that it would pause its interest rate hiking path.

Most stock markets in the Gulf fell in early trade on Thursday, tracking crude prices lower after U.S. Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy.

Oil prices settled 1% lower on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years.