With global risk appetite still high owing to the launch of the toxic asset plan by the US Treasury, the rand remained firm in late trade on Tuesday.

However, the local currency was off the session's best levels as the dollar recouped some of its earlier losses. It also largely ignored an expected 100-basis-point cut by the local central bank as the market had already factored it in.

At 4.15pm the rand was bid at 9.4557 to the dollar from an overnight close of 9.4000. It was bid at 12.7790 to the euro from a previous 12.8078 and at 13.8595 against sterling from 13.6796 before.

The euro was bid at $1.3511 from $1.3620 overnight.

"The rand has come off slightly because of a higher dollar. It didn't really move on the rate cut because it was expected and the market had already factored it in," a local currency trader said.

The South African Reserve Bank's (SARB's) Monetary Policy Committee (MPC) on Tuesday decided to reduce the repo rate by 100-basis-points to 9.5 percent.

This was in line with consensus expectations and takes the prime overdraft rate in South Africa to 13 from 14 percent before, and will usher in significant relief for cash-strapped consumers.

SARB Governor Tito Mboweni said that the decision was based on an improved medium-term outlook for inflation and the volatile global environment. He added during the question session that there was a spread of views by MPC members from 50-basis-points to 150-basis-points in cuts, but they had agreed on 100-basis-points.

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