The rand slipped back early on Thursday, after strong gains a day earlier when the dollar retreated on US inflation data.
At 0645 GMT, the rand traded at 15.3475 against the dollar, roughly 0.3 percent weaker than its previous close.
The rand advanced more than one percent on Wednesday, as traders interpreted a rise in US consumer prices in December as insufficient to alter the Federal Reserve's plans to speed up policy normalisation.
"The local unit has benefited significantly from the dollar's retreat, both directly and indirectly through the rise in commodity prices," analysts at ETM Analytics said in a note, adding Wednesday was the first time the rand had closed below 15.5000 to the dollar since mid-November.
There have been relatively few domestic economic data releases this week, so the rand has tended to track global factors, especially the outlook for US monetary policy.
Next week, the data calendar is slightly fuller, with December consumer inflation and November mining and retail sales figures. On January 27, the South Africa Reserve Bank announces its first interest rate decision of 2022.
The government's benchmark 2030 bond was also slightly weaker in early deals, with the yield rising one basis point to 9.39 percent.