The rand was flat in early trade on Tuesday, as the dollar struggled to regain momentum after being beaten back from a two-decade high by a reinvigorated euro.
At 0636 GMT, the rand traded at R16.85 against the dollar, 0.06% stronger than its previous close.
The dollar index, which measures the US currency against six rivals, stood at 108.75, after dropping back from 109.48 overnight, a level not seen since September 2002.
“This morning we have the local currency trading at R16.85, and we expect further consolidation in an R16.70/R17.00 range for now, with traders following any dollar moves,” said Andre Cilliers, currency strategist at TreasuryONE.
The government’s benchmark 2030 bond was almost unchanged, with the yield at 10.255%.