The rand remained range bound but perked up a bit in late afternoon trade on Tuesday as the dollar faltered and global markets rebounded after Monday's sell-off.

At 4.05pm the rand was bid at 8.1699 to the dollar from an overnight close of 8.2015. It was bid at 11.4428 to the euro from a previous 11.3635 and at 13.3600 against sterling from 13.3945.

The euro was bid at US$1.4005 from US$1.3857 overnight.

"The dollar has given up most of yesterday's gains against the euro and the rand has gained a few cents following a bounce in global markets after yesterday's sell-off," a local currency trader said.

The local currency lost a few cents in early trade on Tuesday after the Dow Jones Industrial Average slumped 200.72 points, or 2.4 percent, to 8339.01 overnight in the largest one-day sell-off since April 20.

Dow Jones Newswires reports that the euro gained to intraday highs against the dollar and yen early Tuesday on a bounce in crude oil prices and global stocks following a day earlier sell-off.

After a sharp renewal of risk aversion Monday, financial markets are experiencing a bit of a rebound.

The euro rose as high as $1.4018. It also gained to an intraday high of Y134.40. At the same time, the dollar fell to session lows of C$1.1476 and CHF1.5022. The Australian dollar hit a session high of $0.7921.

Some encouraging euro zone data reports overnight and the Federal Open Market Committee meeting Tuesday and Wednesday may also be working against the dollar.

The latest German consumer confidence and euro zone purchasing managers' surveys were taken as evidence that the worst of the downturn has passed.

Bonds off worst after auction; eye CPI

Bonds remained marginally weaker on Tuesday ahead of the key CPI and repo decisions this week.

By 4.08pm the short-term government R153 bond was at 6.850 percent from 6.845 percent before. The medium-term R157 was at 8.335 percent from 8.295 percent, while the long-term R186 was bid at 8.905 percent from 8.855 percent before.

I-Net Bridge