The South African rand gained against a softer dollar after the United States reported weaker-than-expected jobs data, but stocks on the local bourse fell sharply as traders mulled the impact of higher tariffs on the country after it failed to clinch a trade agreement with Washington.

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.

Among Asian currencies, the Philippine peso slumped to its weakest level in six months, while Taiwan's dollar hit its lowest since early June. South Korea, which got its trade deal late Wednesday, also saw the won swept up in the declines, with the currency falling to levels last seen in mid-May.