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 fell on Monday as the dollar gained on global markets, with analysts saying its decline was exacerbated by expectations for a local interest rate cut and jitters over looming tariffs on South African exports to the United States.

South African products exported to the US will be hit by a 30% tariff from 7 August, President Donald Trump has announced. South Africa faces the highest rate in sub-Saharan Africa, reflecting Trump's strained relationship with the government of President Cyril Ramaphosa.