JOHANNESBURG: South Africa’s rand weakened in early trade against the dollar on Friday, as investors awaited crucial U.S. jobs data later in the day for clues on the Federal Reserve’s rate-hike stance.
At 0634 GMT, the rand traded at 17.2000 against the dollar, 0.12% weaker than its previous close.
The dollar index, which measures the currency against six rivals, was last up 0.07% at 105.2.
The greenback has hovered near an almost one-month high in early trade after U.S. economic data on Thursday highlighted a tight labour market that could keep the Fed on its aggressive tightening policy path.
Investors will be looking at nonfarm payrolls report due later on Friday, with economists polled by Reuters forecasting the U.S. economy to have added 200,000 jobs in December.
Like most emerging market currencies, the rand is highly susceptible to global drivers such as U.S. monetary policy.
The government’s benchmark 2030 bond was flat in early deals, with the yield at 10.060%.
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