At 1540 GMT, the rand traded at 18.7150 against the dollar, about 0.5% stronger than its previous close.
The dollar index, which measures the currency against six major peers, was down 0.05% after earlier slipping as much as 0.2%.
This week's global focus includes an OPEC+ meeting, the release of the Federal Reserve's tracked measure of inflation, and consumer prices data in the euro zone and Australia.
Locally, investors will scrutinise trade, budget balance, producer inflation and private sector credit figures for insights about the health of Africa's most industrialised economy.
On the Johannesburg Stock Exchange, the blue-chip Top-40 and broader All Share indices closed more than 0.4% lower. The yield on the benchmark 2030 government bond fell 5 basis points to 10.145%.
(Reporting by Tannur Anders; Editing by Bhargav Acharya, Janane Venkatraman and Jan Harvey)
