Stocks were little changed, as rand hedges and gold shares fell.
At 1500 GMT, the rand had gained 0.79% to 13.1725 per dollar, its firmest since 31 March, compared to a close of 13.2775 overnight in New York.
In fixed income, the yield for the benchmark government bond due in 2026 fell 12 basis points to 8.670%.
"The investment community's view is that inflation is falling sharper than what the Reserve Bank currently anticipates and the country's real rate story later this year is going to look a lot more compelling than what it does at the moment, therefore the support for government bonds remains," said BNP Paribas Cadiz Securities Jeffrey Schultz.
Statistics South Africa's data showed on Wednesday consumer inflation eased in March and Finance Minister Malusi Gigaba dismissed calls from one of his own advisers for the nationalisation of banks and mines.
