The rand was on track for its first day of gains in four on Tuesday morning as global markets recovered from Monday's rapid sell-off amid hopes that governments will introduce economic stimulus measures to curb the effects of Covid-19.

The local currency clawed back to below R16/$ after US president Donald Trump hinted at plans to stimulate the US economy, including a payroll tax cut.

Standard Bank currency dealer Warrick Butler said although the rand had strengthened on Tuesday due to Trump's comments, “this is not to say the panic is over”. The rand's one-week implied volatility was the second highest among emerging-market currencies tracked by Bloomberg at 26.65%, just behind the Russian rouble at 31.11%.

At 10am, the rand had firmed 0.66% to R15.9985/$, 1.13% to R18.21914/€ and 0.73% to R20.9126/£. The euro had weakened 0.60% to $1.1387. 

Gold was down 1.02% to $1,663.10/oz while platinum added 1.39% to $873.44. Brent crude was up 0.12% to $33.34 a barrel.

The rand weakened more than 3% on Monday after the price of Brent crude dropped 26.74% on Saudi Arabia's plans to increase production output and cut its oil prices. That followed the collapse of Opec+ and Russia's supply cut agreement.

The JSE all share was up 2.61% to 50,095.22 points and the top 40 2.74%. Sasol's share price climbed 5.45% to R90 after the oil price crash pushed it down 46.5% on Monday.