At 1608 GMT, the rand traded at 17.9900 against the dollar, 0.48% stronger than its previous close. It had hit a low of 18.1300 on Monday, its weakest since May 2020.
The U.S. dollar index, which measures the greenback against a basket of six major currencies, was last trading at 114.05, not far from a two-decade peak of 114.58 it hit on Monday.
Economists at ETM Analytics said in a note the rand's value against the dollar will likely remain extremely volatile.
"In the more immediate future, however, market sentiment appears to be stabilising, with equities and EM currencies regaining their footing overnight," ETM Analytics added.
Shares on the Johannesburg Stock Exchange rose, mirroring similar gains in global equities and helped by an uptick in global oil and gold prices as investors took stock after a softening in the dollar.
Overall on the stock market, the Top-40 index ended 0.58% higher while the broader all-share index closed up 0.63%.
The government's benchmark 2030 bond was weaker, with the yield up 2.5 basis points to 10.805%.
(Reporting by Anait Miridzhanian in Johannesburg and Bhargav Acharya in BengaluruEditing by David Evans and Angus MacSwan)
