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 was on the backfoot in early trade on Friday, as investors weighed the prospect of higher tariffs on exports to the United States after the country failed to clinch a trade agreement before Washington's deadline.

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.