South Africa's currency has resumed its recovery from last year's battering, shrugging off a dissenting report from a member of the commission set up to investigate the rand's 40% slide.

The report was delivered to President Thabo Mbeki by lawyer and columnist Christine Quanta, one of three members of the commission.

While the contents have yet to be made public, Ms Quanta is thought likely to pin the blame on speculation fuelled by racism.

The main report was submitted last week by the two other members: the chairman, retired judge John Myburgh, and Development Bank of South Africa head Mandla Gantsho.

It is thought likely to focus on capital controls introduced late last year, as well as the general punishment meted out to emerging markets thanks to the turmoil in neighbouring Zimbabwe and elsewhere.

On the way back

South Africa's economy is only now recovering from the pounding which the rand's decline administered.

Inflation soared, forcing the central bank to raise interest rates by three full percentage points this year.

Allegations of skulduggery - including accusations from Kevin Wakeford, head of the South African Chamber of Business, that foreign companies were massaging the rate down to save themselves money - led to the commission's establishment in January.

At its low point, the rand hit a level of 13.85 to the US dollar.

But it has pulled back since, helped by a surging trade surplus - up to 5.7bn rand in May, the 34th surplus in 37 months - and tourism arrivals up 7.6% between December and April.

At 1606 GMT on Friday, $1 bought 10.05 rand.

Reputation

Given the rand's recovery, observers generally think the commission's report will have little effect - and the minority report even less so.

Ms Quanta has something of a reputation for controversy, having been largely responsible for an official inquiry in 2000 into the media.

In the run-up to its creation, she used a series of newspaper columns to accuse the news industry of fostering continued racism in South Africa.

The same series had extended her anger to "amoral currency traders and investors that keep them in business".