© Reuters/MIKE HUTCHINGSSouth African Rand coins are seen in this illustration picture
JOHANNESBURG (Reuters) - South Africa's rand steadied early on Monday, holding at a 16-month high against the dollar hit in the previous session, after subdued U.S. jobs data supported hopes that interest rates would remain low for some time, bolstering risk appetite.
At 0631 GMT, the rand traded at 14.0500 against the dollar, unchanged from its previous close on Friday when it hit its highest level since early January 2020.
"It will be interesting to see whether there is enough momentum for the rand to make a run at the 14.00 level. The expectation is for the rand to test lower, but the fact that 14.05 has held a couple of times leads us to believe that going lower could be a tough slog," said Andre Cilliers, currency strategist at TreasuryONE.
The United States created a little more than a quarter of the jobs that economists had forecast last month and the unemployment rate unexpectedly ticked higher, pouring cold water on speculation about runaway inflation.
Lower U.S. interest rates boost the appeal for riskier but high-yielding currencies and weigh on the dollar.
(Reporting by Olivia Kumwenda-Mtambo; Editing by Rashmi Aich)