A South African government inquiry has failed to find any clear reason why the currency plunged 37% last year.

President Thabo Mbeki launched an inquiry in January after allegations that "dubious" deals had fuelled the rand's slump.

My immediate reaction is that we should be bringing this matter to a close

Penuell Maduna Justice Minister

Justice Minister Penuell Maduna said the report, comprising a "majority" and "minority" investigation, came to largely the same conclusions.

"In the main, both reports have been unable to single out clearly the reason behind the slide in the rand," Mr Maduna said.

John Stopford, a manager at Ivestec Asset Management in Capetown, told the BBC's World Business Report that when there was a currency crisis, the momentum became self-feeding.

"It's difficult to see when things will stabilise or what will trigger it off," he said.

South African financial markets were unmoved by findings, with the rand holding steady at just above 10 to the dollar.

No clear reason

Mr Maduna said he had yet to decide whether to act on a recommendation in the minority report for a further confidential investigation.

"If there is anything to be investigated I will want to pursue it," he said.

Mr Maduna said a number of complex factors contributed to the rand's slide, making it impossible to single out one overwhelming reason.

He said no evidence was found to support allegations that senior Reserve Bank and National Treasury officials had colluded with market participants to undermine the rand.

Further probe

Lawyer Christine Qunta, who drew up the minority report, recommended legal action against Deutsche Bank and packaging firm Nampak for alleged contravention of exchange control regulations.

Nampak and Deutsche Bank have denied any wrongdoing in foreign exchange transactions involving offshore asset swaps.

The majority report did not recommended any action against the German bank.

Mr Stopford said the companies had taken advantage of loopholes in the system rather than break any law.

Deutsche Bank has agreed with the Reserve Bank to arrange deals worth 800m rand (�5m) to offset estimated losses to South Africa's foreign currency reserves from its overseas deals involving Nampak.

"My immediate reaction is that we should be bringing this matter to a close," Mr Maduna said in response to Ms Qunta's findings.