At 0733 GMT, the rand traded at 18.8250 against the dollar, nearly 0.3% stronger than its previous close.
At around 1300 GMT, the South African Reserve Bank (SARB) will announce its interest rate decision and provide clues on the trajectory of future rates.
Most analysts polled by Reuters expect the SARB to keep the main rate unchanged at 8.25%.
On the stock market, the Top-40 index was last down 1.8% while the broader all-share index was 1.7% weaker.
South Africa's benchmark 2030 government bond was weaker in early deals, with the yield up 3.5 basis points to 10.490%.
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