Rand remains firm against the dollar

The South African rand remained well positioned in the afternoon session on Friday amid better than expected non-farm payrolls data in the US which boosted the dollar.

At 3.45 the rand was bid at R7.42 to the dollar, R10.09 to the euro and R11.16 to the pound. The euro was bid at $1.3558 from US$1.3581 previously. A local currency trader noted the rand found support at R7.42/$, and within a range of R7.42 -7.52/$.

The Dow Jones Newswires reported that the dollar gained against the euro and yen Friday as a better-than-expected US jobs report pointed to a US economy that continues its march to recovery.

The healing labour market, seen as key to the economy's turnaround, leads investors to the greenback as the Federal Reserve is now seen as more likely to increase key interest rates and return expansionary monetary policy to normal.