JOHANNESBURG — The rand remained at depressed levels against the dollar late on Friday after a United States jobs report confirmed the strength of America’s labour market was still intact.
The local unit initially came off its five week low above the R11,30 to the dollar handle, perking to a high of R11,25, after the headline figures revealed US nonfarm payrolls grew by less than expected in October.
An extra 214 000 America workers were added to the official payrolls system last month, less than the expected 233 000 forecast by economists on Wall Street.
But rand gains proved short-lived after a further glance at the US report showed the unemployment rate fell by more than was expected during the period and wages rose.
Furthermore, revisions showed the US economy added 31 000 more jobs the prior two months than previously estimated.
On Friday at 4:08pm the rand was at R11,2726 to the dollar following a close of R11,1399 on Thursday. The local unit continued to feel the hangover effects from rating’s agency Moody’s decisions to lower SA’s credit score.
Against the euro the rand was at R13,9690 from its previous close of R13,8969 and was at R17,8331 against the pound from a close of R17,7842. — BD Live
