The rand was steady in early trade on Friday after rising as much as 2% against the dollar in the previous session, a rally spurred by higher commodity prices and lower-than-expected US inflation data.
At 0625 GMT, the rand was fetching R12.31/dollar, unchanged from its New York close.
Momentum indicators tracked by analysts suggest the currency may be rangebound and struggle for direction, with no major domestic indicators due for release on Friday.
NKC African Economics pegs the currency range for the day at R12.20 to R12.45/dollar.
Disappointing local mining and manufacturing data in the previous session could cap gains as they suggest slowing economic growth.
In fixed income, the yield for the benchmark government bond due in 2026 unchanged at 8.355%.