The South African rand was weaker in afternoon trade on Friday after the United States non-farm payrolls came in better than expected, giving the dollar a boost.
At 2.45pm, the rand was quoted at R6,0576 per dollar from R6,0151 just prior to the release of the data.
The dollar firmed against the euro and was last quoted at $1,2871 from $1,2955 at the previous close.
AFX reports that the US labour market strengthened in April, as the US economy gained a larger-than-expected 274 000 jobs, the Labour Department reported on Friday. The unemployment rate remained at 5,2%.
The report was much stronger than anticipated on Wall Street. Economists surveyed by MarketWatch were looking for payroll gains of about 194 000. Other surveys were looking for about 175 000 jobs, and so-called whisper numbers that circulate on trading floors were rumouring numbers closer to 100 000.
The strong payroll figures should dispel some of the fears that the US economy has flattened as spring arrived. Economic growth did slow in the first quarter to 3,1%, close to the long-term trend, AFX reported. — I-Net Bridge