The US dollar traded lower against the South African rand during New York mid-day deals, after hitting a 10-day high of 7.5210 in early morning session on Monday. The greenback-rand pair slipped to 7.4008 at about 1:10 pm ET, compared to 7.4237 hit late New York last Friday. The dollar is presently trading at 7.4658 versus the South African unit.

South Africa's gross reserves increased to $40.49 billion in November from $39.79 in the previous month, the South African Reserve Bank reported on Monday, roughly in line with economists' expectations.

Foreign exchange reserves edged up to $32.91 billion in November from $32.76 billion in October. Gold reserves increased to $4.7 billion from $4.19 billion, while SDR holdings were worth $2.88 billion.

At the same time, South Africa's net reserves rose to $39.59 billion from $38.78 billion. Economists had expected net reserves to amount to $39.8 billion.

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