Stocks fell more than 2 percent lower, largely due to subdued risk demand globally and weak consumer demand locally

At 0950 GMT the rand had slipped 0.83 percent to 14.2525 per dollar, having hit a session-low 14.2925 as investors digested the Federal Reserve's Thursday statement and bought dollars cheap, booking profits from earlier in the week.

"The rand is under pressure like other emerging currencies and the dollar is gaining and its really after the hawkish Federal Reserve statement last night," said Jan Sluis-Cremer, a currency trader at Rand Merchant Bank.

The Federal Reserve policy statement last night, where it  held interest rates steady and struck an expectedly hawkish tone fed into some dollar gains and put emerging market currencies under pressure.

The rand had rallied to 13.8700 on Wednesday following the U.S. midterm elections, breaking through the 14.00 long term resistance level for the first time in two months, lifted by a return of global risk appetite.

Bonds were also weaker with the yield on the benchmark paper due in 2026 adding 7.5 basis points to 9.22 percent ahead of an auction where Treasury will place 10.655 billion rand in short-term bills.

On the bourse the Top-40 index fell 2.3 percent to 46,555 points, while the broader the All-share index slipped 2.1 percent to 52,911 points.

Bourse heavyweight Napsers fell 3.6 percent to 2,695 rand. Shares in Technology giant Tencent Holdings Ltd , in which Naspers has a 31 percent stake, also fell. Tencent is reportedly cutting the marketing budget for its key gaming division.

Luxury goods retailer Richemont tumbled 5.4 percent to 97.83 rand after the firm said it missed its H1 profit target in a trading statement.