South African rand firms as dollar weakens, stocks rise

Johannesburg, July 8 (BNA): The South African rand rose on Friday as the dollar weakened after US data showed job growth slowed more than expected in June.

At 1649 GMT, the rand was trading at 18.8400 against the dollar, 1.41% stronger than its previous close.

According to Reuters, the dollar index was last recorded at 102,240, down more than 0.8% against a basket of global currencies.

The US economy added the fewest jobs in 2-1/2 years in June, the Labor Department said in an employment report that also showed that 110,000 fewer jobs were created in April and May than previously reported.

The rand fell the day before as minutes from the Federal Reserve’s June meeting revealed a hawkish policy stance, prompting investors to steer clear of riskier assets.

In the stock market, the top 40 indices and the broader all stock indices closed up about 1%.

However, shares in Telkom fell nearly 7% after the company said it rejected an unsolicited bid led by its former CEO.

South African benchmark government bonds for 2030 were weaker in the afternoon deals, with the yield rising 7.5 basis points to 10.770%.

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