UPDATE 1-South African rand steadies amid dollar strength, stocks rise

(Updates rand, bonds, stocks levels)

JOHANNESBURG, May 4 (Reuters) – South Africa’s rand steadied against the dollar on Friday, failing to build on gains in the previous session, while stocks rose as bourse heavyweight Naspers recovered ground.

At 1515 GMT the rand was trading at 12.5800 per dollar, not far off its close of 12.5875 on Thursday. However, it was on track for a 2 percent decline over the week.

It was amongst the worst performing emerging market currencies in April and remains on the back foot in May with the dollar lifted by rising U.S. Treasury yields to its highest levels this year against a basket of currencies, despite disappointing U.S. employment data for April.

“We need to ask ourselves whether the renewed strength of the greenback is just a clearing out of stale short…

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