The rand was softer against major global currencies on Thursday morning, amid some risk-off trade on global markets.

Most equity markets, including the JSE, were tracking lower, with focus on US economic releases, including retail sales numbers for March.

The rand has been stable so far this week, boosted on Wednesday by better-than-expected Chinese GDP data for the first quarter.

Given the lead-up to the Easter weekend, market activity is expected to stall and liquidity is expected to be thin, leading to erratic movements in currency markets, said Rand Merchant Bank analysts.

At 9.25am the rand was 0.33% weaker at R14.0328/$, 0.28% to R15.8468/€ and 0.31% to R18.2974/£. The euro was flat at $1.1293.

Locally, there is little on the calendar, though producer inflation, as measured by the annual change in the producer price index, is due at 11.30am. The consensus, according to macroeconomics website Trading Economics, is for producer inflation to accelerate slightly to 4.7% in March from 4.6% in February.