The rand was being affected by the Russian rouble's depreciation because they exported similar commodities, and could be seen in the same emerging market basket, an economist said on Thursday.
The rand has fallen to levels against the US dollar last seen in 2008, reaching a low of R11.93 to the US dollar in September 2008.
As of early trading on Thursday, the rand was at R11.57 to the US dollar, having ended on R11.68 on Wednesday.
The Russian rouble meanwhile lost around half of its value against the US dollar this year.
Mike Schussler, economist and owner of www.economists.co.za, said Russia was a major commodity supplier, being the world's second biggest supplier of platinum and biggest supplier of palladium.