Data released by the central bank on Friday indicates that South Africa's net foreign exchange reserves increased to $64.804 billion at the end of May from $64.318 billion in April.

South Africa's net foreign exchange reserves increased to $64.804 billion at the end of May from $64.318 billion in April, the country's central bank reported on Friday. She adds that the news of an agreement on South Africa's long-delayed budget has also brought support to the rand.

On Wednesday, a key parliamentary committee backed the fiscal framework and national budget revenue proposals, paving the way for a vote in the lower house of Parliament on 11 June.

South Africa's benchmark government bond maturing 2035 was slightly lower at the initial trades, with the yield increasing by 2 basis points to 10.07%.