The rand was weaker against major global currencies on Tuesday afternoon, with global sentiment subdued as investors weighed the costs of protracted geopolitical tension.

Sentiment may finally be caving under the weight of numerous underlying risk factors in the markets right now, such as US interest rates, Brexit, Italian debt, trade wars or emerging markets, said Oanda analyst Craig Erlam.

The lira was sharply lower on Tuesday, weakening after Turkey's main nationalist party leader announced his party would not seek an alliance with President Recep Tayyip Erdogan's party in local elections, Dow Jones Newswires reported.

Investors were seemingly more interested in safe-haven assets, analysts said, including the Japanese yen, gold and US treasuries.

Local focus remains on Wednesday's medium-term budget policy statement, but other risk factors on the day include local inflation data and a meeting of the European Central Bank (ECB).

The ECB was on track for policy normalisation, although it should highlight external risks, said Barclay's Research analysts, adding they were less confident than the bank that inflation would pick up significantly in 2019.

At 3pm the rand was at R14.3675 to the dollar from R14.3207, at R16.4762 to the euro from R16.4177, and at R18.6987 to the pound from R18.5763. The euro was at $1.1468 from $1.1464.

The bid on the benchmark R186 government 10-year note was at 9.13% from 9.145%.