The rand was firmer against the dollar in noon trade on Wednesday as it followed a stronger euro.
"The euro has gradually moved up since this morning - there doesn't appear to be any reason for this though," a local currency trader said.
"If we go through the dollar/rand level of 7.08 then we'll see further strength," he added.
The trader said that he did not expect local retail sales data due at 13:00 to have any effect on the currency market.
A market analyst however, said that the euro's strength could be put down to a move from a particular player in the market.
"Perhaps someone has put in a big trade," he said.
"Also, it's important to note that growth is so weak in the eurozone and it has to be stimulated and this would be rand positive."
At 11:46 local time, the rand was bid at 7.0811 to the dollar from its previous close of 7.1434. It was bid at 10.2132 to the euro from 10.2841 before, and at 11.6142 against sterling from 11.7346 previously.
The euro was at US$1.4438 from US$1.4396 before.
RMB said in a morning note that while local equities had been scalded by recent events and precipitated currency losses, bond flows had persisted, totalling 5.8 billion rand this month.
"This has lessened depreciatory pressure on the rand."
RMB added that though fundamentally sound, emerging market currencies and particularly high-yielding units would continue to be vulnerable in the short-term.
"Renewed confidence in global financial markets would probably result in USD/ZAR reverting to sub 7.00 levels though upside risks are high. For now, the unit is firmly wrapped in a 7.05 - 7.20 range."
Meanwhile, Dow Jones Newswires reported that the Swiss franc soared after the Swiss National Bank (SNB) announced a fresh liquidity boost, but stopped short of a widely-speculated peg to the euro.
"The SNB said it will intensify efforts to weaken the Swiss franc by further increasing franc liquidity, boosting sight deposits to CHF200 billion from CHF120 billion, but didn't mention any plans to peg the currency to the euro."
