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UPDATE 1-South Africa's rand recovers against ailing dollar, stocks gain

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* Rand up 1.5 percent against dollar

* Top-40 index edges up 0.4 percent

* Iron Ore leads shares higher

(Updates with closing prices)

JOHANNESBURG, May 19 (Reuters) - South Africa's rand strengthened on Friday against the ailing dollar, which limped toward its worst week against major currencies since last July on the turbulence surrounding Donald Trump's U.S. presidency.

Stocks posted modest gains, lead by Kumba Iron Ore , which saw its shares jump 6.7 percent as Shanghai rebar steel futures climbed 4 percent to a six-week peak, supported by worries over tighter supply. Johannesburg's benchmark Top-40 index rose 0.4 percent to 47,692.60 while the broader All-share index added 0.42 percent to 54,427.30.

At 1530 GMT, the rand traded at 13.225 per dollar, 1.5 percent up on its New York close on Thursday.

The rand's gains after most emerging markets currencies fell on Thursday as uncertainty mounted over U.S. President Donald Trump's future following reports that he tried to interfere with a federal investigation. In fixed income, the yield for the benchmark government bond due in 2026 added half a basis point to 8.68 percent.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Richard Lough)

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