At 1547 GMT, the rand traded at 18.8250 against the dollar, nearly 1.4% weaker than its previous close.
On Tuesday, the first trading day of 2024, the rand ended about 1.5% weaker against the dollar, as elevated U.S. Treasury yields and a cautious turn in risk sentiment boosted the dollar.
The dollar was last up 0.44% at 102.68 against a basket of currencies.
No major South African economic data releases were due on Wednesday. On Thursday a whole-economy purchasing managers' index survey will be published.
The Johannesburg Stock Exchange's Top-40 index closed 1.8% lower. The benchmark 2030 government bond slipped, the yield up 6 basis points to 9.915%.
(Reporting by Alexander Winning and Bhargav Acharya; Editing by Andrew Heavens and Jonathan Oatis)
