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South African rand retreats after strong US jobs data
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South African rand retreats after strong US jobs data
Jun 6, 2025 8:04 AM

JOHANNESBURG, June 6 (Reuters) - The South African rand

was flat against a firmer dollar on Friday, after the world's

largest economy recorded stronger-than-expected employment data.

At 1413 GMT the rand traded at 17.7775 against the dollar

, little changed from Thursday's closing level, after

gaining in early trade when the South African Reserve Bank

reported an increase in foreign reserves last month.

South Africa's net foreign reserves rose to $64.804 billion

at the end of May from $64.318 billion in April, central data

showed on Friday.

The greenback last traded about 0.5% stronger against

a basket of currencies after a U.S. Labor Department report

showed non-farm payrolls increased 139,000 in May, compared with

estimates for a rise of 130,000, according to economists polled

by Reuters.

Like other risk-sensitive currencies, the rand often

takes cues from global drivers like U.S. policy and economic

data in addition to local factors.

Next week, domestic investors will look to manufacturing

and mining data to gauge the health of

Africa's most industrialised economy.

Attention will also be on the country's long-delayed

budget.

On Wednesday, a key parliamentary committee backed the

national budget's fiscal framework and revenue proposals,

clearing the path for a vote in the lower house of parliament on

June 11.

The Johannesburg Stock Exchange's Top-40 index was

last down bout 0.2%.

South Africa's benchmark 2035 government bond was

weaker, as the yield rose 3 basis points to 10.08%.

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