Rand gains before data-heavy end to the week.
The rand gained on Tuesday ahead of a raft of domestic and international data releases due later this week.
At 1020 GMT, the rand traded at R18.51 against the dollar.
Analysts struggled to pick out a local driver, saying one factor helping the risk-sensitive rand was a decline in US Treasury yields from the previous week’s highs.
“Whether this positive market sentiment can be sustained remains to be seen and will likely depend on US labour market data scheduled for release in the coming days” that could influence the Federal Reserve’s interest rate plans, said Danny Greeff of ETM Analytics.
“This will give US Treasuries and the (dollar) something trade on, with the (rand) still a passenger to their movements at the moment,” he added.
South African data releases this week include July money supply, private sector credit and budget numbers on Wednesday, and July producer inflation and trade figures on Thursday.
Those data points will shed light on how Africa’s most industrialised economy was performing early in the third quarter.
On the Johannesburg Stock Exchange, the blue-chip Top 40 index last traded about 0.2% weaker. South Africa’s benchmark 2030 government bond also fell, with the yield up 4.5 basis points to 10.205%.
