JOHANNESBURG (Reuters) – The South African rand strengthened on Tuesday after the dollar fell as a new report showed job openings in the United States remained stable at higher levels.
At 1533 GMT, the rand was trading at 18.8125 against the US dollar, up about 0.7% from its previous close.
The index fell 0.2% after the U.S. Department of Labor’s Bureau of Labor Statistics reported job openings, a measure of labor demand, rose 8,000 to 8.756 million on the last day of February.
The Rand appeared unfazed by disappointing domestic data after Purchasing Managers’ Index (PMI) research showed monthly manufacturing activity in South Africa fell and vehicle sales fell 11.7% year-on-year in March.
The rand, like most emerging market currencies, takes into account global factors such as the direction of the dollar, as well as local economic indicators.
Shares fell on the Johannesburg Stock Exchange, with the top 40 blue chip index closing 0.1% lower.
South African government bonds maturing in 2030 were weaker, with yields rising 1.5 basis points to 10.630%.