At 0700 GMT the rand was 0.05% weaker at 14.5050 per dollar, little changed from its overnight close of 14.5000.
The rand had eked out gains late on Tuesday after sliding to a session low 14.6800, but by early Wednesday in Asia it was struggling to attract bids with investors weighing the Federal Reserve's next move.
Speculation that stronger U.S. inflation could propel the Fed to reduce its quantitative easing and low interest rate policy earlier than it has pledged has been a major driver of the dollar's rally in the first quarter.
The U.S. consumer price index jumped 0.6% in March but the dollar failed to rise in response, instead weakening against most major currencies.
The South African government has suspended the rollout of Johnson & Johnson's (J&J) COVID-19 vaccine after U.S. federal health agencies recommended pausing its use because of rare cases of blood clots.
The country, the worst-hit on the African continent for recorded coronavirus infections and deaths, with more than 1.5 million cases, has been slow to procure and rollout vaccines.
Bonds were firmer, with the yield on the benchmark 2030 government issue down 7.5 basis points to 9.275%.
(Reporting by Mfuneko Toyana. Editing by Jane Merriman)
