Concerns about the global economy and the U.S. Federal Reserve's (Fed) determined tone on inflation are pushing the dollar up 1% against the pound. However, the South African rand is slipping amid prolonged power cuts.

The dollar was up Friday against the British pound. At around 11:25 GMT (13:25 in Paris), the greenback was up 1.01% against the British pound at $1.2056 per pound.

South Africa's rand weakened in early trade, a day after hitting a 20-month low on prolonged power cuts and concerns about the risk of a global recession. At 0624 GMT, the rand was trading at 16.3750 against the dollar, 0.65% lower than its previous close. The rand touched 16.4700 on Thursday, its lowest level since October 2020.

The Dollar Index, which measures the greenback against six counterparts, gained 0.30 percent to trade at 105.00 points as investors turned to the safe-haven currency amid economic uncertainty.