The rand was slightly weaker in early trade on Monday as investors assess the risks of a softer dollar and the direction of local interest rates.
At 0638 GMT, the rand traded at R14.0300 per dollar, 0.34% softer than its overnight close.
“We believe there is a good chance that the South African Reserve Bank will increase the repo rate by 25 basis points to 6.75%,” Nedbank said in a note.
“From a currency perspective, a rate hike and a higher local real interest rate should better support the currency,” the bank said.
Government bonds were flat, with the yield on the benchmark instrument due in 2026 at 9.105%.