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The rand was at R11.2940/$ at 08:55, slightly firmer than its New York close on Wednesday, but not far off a trough of 11.3800 hit earlier that day.
The currency, which has been swept up in the volatility that has hit other emerging markets such as and , slid to the five-year low on Wednesday after the first interest rate increase in nearly six years.
Reserve Bank governor said the 50 basis point hike in the repo to 5.50% was aimed at containing inflation and had not been influenced by 's decision to tighten monetary policy dramatically to support the lira.
The rand will remain vulnerable as long as the capital flight from emerging markets continues, analysts said.
The US Federal Reserve's announcement on Wednesday that it would reduce its monthly bond-buying programme by a further $10bn a month is also likely to increase the appeal of safe-haven assets.
"Despite aggressive rate hikes... emerging market currencies remain under pressure. Moreover, the rand is now at the forefront of the selling and the likely size of daily moves has spiked," said strategist .
"Risks are incredibly high as we enter a new and alarming phase of what is looking more-and-more likely to become an emerging market crisis. Today will be crucial - if we see further rand losses, then a spiral out-of-control may become possible."
After sharp spikes in yields on Wednesday, government bonds were trading at multi-year lows.
The yield on the 2026 government bond was flat at 8.795%, its highest since April 2011, while that on the 2015 paper was up 4 basis points at a two-year high of 7.04%.
