At 0645 GMT, the rand was 0.59% weaker at 15.0700 per dollar, off a session-best 14.9300 on Wednesday after two coronavirus-infected passengers from a cruise ship moored near Tokyo died.
In South Korea residents were urged to stay indoors after a spike in infections, offsetting optimism generating by reports that new cases in China had dropped sharply.
"The local currency finds itself above 15.00 yet again, which will probably result in bonds trading on the back foot today," said fixed income specialist at Rand Merchant Bank Michelle Wohlberg.
Data on Wednesday showed headline consumer price inflation rose to 4.5%, below the central bank's upper target of 6% and in line with its most recent forecasts, maintaining market bets on further rate cuts in 2020.
The rand has avoided a deep selloff despite onshore risks linked to continuing power outages, weak economic growth and looming credit downgrades, with its attractiveness as a carry-trade luring yield-hungry investors.
"With no major data out today and investors in a wait-and-see mode ahead of the budget, bonds will continue tracking the developments in the currency," said Wohlberg.
Bonds opened flat, with the yield on the benchmark 2026 government issue steady at 7.975%.
In equities, Anglo American Platinum appointed industry veteran Natascha Viljoen as chief executive officer.
Consumer giant Woolworths reported a 17.7% drop in half-year earnings, dragged down by disappointing womenswear and Black Friday sales, leading to it trading 1.4% weaker at the open.
(Reporting by Mfuneko Toyana; editing by John Stonestreet)
