Market News
South African rand plunges to 8-month low after US jobs data - REUTERS
JOHANNESBURG, Jan 10 (Reuters) - The South African rand weakened to an eight-month low on Friday after U.S. non-farm payrolls data reinforced bets that the Federal Reserve will pause its rate-cutting cycle later this month.
At 1501 GMT, the rand traded at 19.1375 against the U.S. dollar , about 1.1% softer than its previous close. It earlier hit 19.2050 per dollar, its weakest level since late April last year.
The greenback was last up about 0.4% against a basket of currencies after a Labor Department report showed the U.S. economy added 256,000 jobs in December, much higher than economists' forecasts for an increase of 160,000.
