Brazil's stocks rose almost 3 percent on Friday recouping some recent losses. The Bovespa index of the Sao Paulo Stock Exchange closed 2.93 percent higher at 29,175.79 points after slipping 3.25 percent on Thursday and posting losses of more than 10 percent since the beginning of the month.
Shares for state-owned oil company Petrobras, which had plunged nearly 5 percent in the previous session, climbed 3.8 percent to 30.58 reais with the exchange's highest turnover.
"I believe the market is recouping part of yesterday's losses," said Luiz Roberto Monteiro, investment analyst at Souza Barros brokerage in Sao Paulo. "But I think will have a lot of volatility until the Fed's meeting on November 1."
Brazilian markets have been pressured by fears the US Federal Reserve may keep raising interest rates for a longer-than-expected period to fight inflation.
Higher interest rates in the world's biggest economy are potentially damaging for riskier assets in emerging countries like Brazil.
Meanwhile, the Brazilian real ended 0.62 percent weaker at 2.264 per dollar after the central bank bought the greenback on the spot market for the 13th time this month.
"The central bank stepped in today and drained dollars from the market," said Hideaki Iha, an analyst with Souza Barros brokerage.
The central bank bought only a small amount of dollars this time, traders said, but that was enough to weaken the real as liquidity was low in the last session of the week.