The dollar staged a mini-recovery after a difficult week, with the US currency stabilising.

This morning the dollar stood at 1.7617 to the pound and at 1.1973 against the euro.

Analysts said there was a degree of correction involved in the currency's shift back to a more positive standing.

UBS AG forex strategist Bhanu Baweja told Business World the movement was "described as a technical rebound" after the sharp losses of late.

Towards the end of last week the dollar fell dramatically against other currencies, with observers speculating on an end to the US policy of sustained interest rate increases.

Changes in emphasis to the Federal Reserve's policy statement in the latest announcement were seen by some as a precursor to interest rates being frozen.