In the absence of local drivers, analysts said the focus on Wednesday was likely to be on Federal Reserve minutes that could give clues about the U.S. central bank's future interest rate path.
At 0635 GMT, the rand traded at 19.0450 against the dollar, 0.2% weaker than its previous close.
The dollar was marginally stronger against a basket of global currencies.
Rand Merchant Bank (RMB) said in a morning briefing that the rand's exchange rate against the dollar looked more comfortable after Tuesday's more than 1% gain, which was fuelled by a drop in U.S. Treasury yields and dovish comments from Fed officials.
"Momentum lost this morning, but (there is) still a risk that rally could extend," RMB wrote.
Some investors use the rand as a proxy for emerging market risk, and the currency is highly sensitive to shifts in global risk appetite.
The government's benchmark 2030 bond was slightly weaker in early deals, the yield up 2.5 basis points at 10.815%.
(Reporting by Tannur Anders; Editing by Alexander Winning)
