At 1641 GMT, the rand traded at 17.9475 against the dollar, not far from its previous close of 17.9350.
The local currency had advanced on Wednesday after South Africa's mid-term budget showed an improvement in the country's fiscal outlook, before falling back.
The National Treasury said South Africa's deficits were seen shrinking more quickly than before in the next three years, with debt stabilising at a lower level, putting it in a stronger position for any future economic shocks.
"The rand has shrugged off the good news in yesterday's mini-budget as expected, with markets... adopting a wait and see attitude, by and large, to the proposed fiscal consolidation," Investec analyst Annabel Bishop said in a research note.
The dollar index, which measures the U.S. currency against six rivals, was last trading up about 0.78% at 110.41.
On the Johannesburg Stock Exchange, the Top-40 index closed 0.16% lower, while the broader all-share index ended up marginally by 0.03%.
The government's benchmark 2030 bond was stronger, with the yield down 6 basis points to 10.670%.
(Reporting by Anait Miridzhanian and Bhargav Acharya; Editing by Alex Richardson and Toby Chopra)
