The rand strengthened in early trade on Wednesday, as investors awaited the outcome from the US Federal Reserve's policy meeting and potential peace talks between Russia and Ukraine.
At 0640 GMT, the rand traded at 15.0700 against the dollar, 0.23 percent stronger than its previous close.
But investors were cautious before the US Federal Reserve's rate decision, with the Ukraine war and China's surging Covid-19 cases as the backdrop.
"The foreign-exchange markets have struggled to establish any meaningful or discernible trend over the course of the most recent sessions," Nedbank analysts wrote in a note.
"This scenario is undoubtedly attributable to the ongoing global scenarios and the FOMC (Federal Open Market Committee) meeting today."
The Fed is set to raise rates for the first time since the pandemic, with traders looking for indications about the pace of future rate hikes.
On Russia and Ukraine peace talks, Ukrainian President Volodymyr Zelensky said on Wednesday that the talks were sounding more realistic, but more time was needed.
In fixed income, the yield on the benchmark 2030 government bond was flat at 9.795 percent.
REUTERS