The South African rand strengthened against the dollar on Friday, erasing earlier losses after a key report showed the US labor market cooled sharply over the past three months.

The South African rand was on the backfoot in early trade on Friday, as investors weighed the prospect of higher tariffs on exports to the United States after the country failed to clinch a trade agreement before Washington's deadline.

No US trade deal: South Africa has missed the trade deal deadline with the US and will incur a 30% tariff on exports starting in August. Despite efforts to negotiate, the Trump administration confirmed the tariff will take effect. However, the ocuntry still has a small window turn things around. [ BusinessTech]