South Africa's currency, the rand, began to appreciate against the US dollar on Tuesday after retreating from a peak more than 20 years ago.

At 0900 today in South Africa and Mozambique the rand traded at 17.9550 against the dollar, 0.68% stronger than its previous close.

The US dollar index, which measures the US dollar against a basket of six major currencies, fell about 0.3% to 113.57, retreating on Monday from a two-decade high of 114.58.

However, according to some economists, the rand's value against the dollar will remain volatile.

The benchmark 2030 South African government bond was stronger in early business, with the yield down 6 basis points to 10.815%.