USD/ZAR traded near 16.47300 early Monday, pulling back from last week's 16.67360 high as the pair settled into steadier, sideways trading.
Lessening fears of another Federal Reserve rate hike helped cool dollar demand, keeping the rand tied mainly to broader USD-driven forex moves rather than local factors.
South Africa still faces a near-term risk from unrest over undocumented foreign workers, though the report said financial institutions are unlikely to react unless protests escalate.
WTI crude holding around the $70 mark and a pause in U.S.-Iran tensions could support risk appetite, while a fresh Wall Street selloff remains the main external threat to further USD/ZAR declines.