Rand holds at 16.36 to dollar as South Africa waits on jobs data

South Africa’s rand held steady at 16.36 against the dollar on Nov 10, ahead of labour market data expected to show a modest rise in unemployment as a challenging operating environment weighed on economic activity in the third quarter of 2026.

The currency was little changed from its previous close of 16.3828 at 0610 GMT. Domestic investors are watching the 0900 GMT unemployment release to gauge the condition of the labour market in Africa’s biggest economy.

Hiring caution

Nedbank economists said elevated oil and fuel prices raised businesses’ input costs during the quarter, squeezed profits and dampened confidence in an already difficult operating environment.

“Against the backdrop, companies may have adopted a more cautious approach to hiring, delaying expansion and recruitment plans,” the bank said.

South Africa’s official jobless rate currently stands at 33.6%, one of the highest globally.

Manufacturing and bonds

The country’s statistics agency will publish manufacturing output at 1100 GMT. Analysts polled by Reuters expect output to have fallen 2% year-on-year in September, after a 4.3% drop in August.

South Africa’s benchmark 2035 government bond was slightly firmer in early deals. The yield fell 1.5 basis points to 8.25%.