On the domestic front, investors await April mining and manufacturing figures due later in the day for clues on the health of the economy at the start of the second quarter.
On a month-on-month basis sales were up 6.9%, and in the three months to the end of February sales decreased 0.9% compared with the same period last year, the statistics agency said.
The SARB has most likely reached the end of its lowering cycle and will start moving towards a hiking cycle, albeit only from next year onwards.
The slow vaccination roll-out programme, which raises the concern of a third wave of Covid-19 infections, and more intensive electricity outages remain the biggest downside risk to the economy over the short term.
The improved risk appetite was also reflected in equities, with European indexes rising after Japanese stocks surged to a more than 30-year high earlier in the day.
The dollar index slipped 0.1%, close to last week's low of 90.249 - a level unseen since Jan. 27.
But the impact of a stricter lockdown in South Africa announced by President Cyril Ramaphosa is still to play out on the currency and the stock market locally.
The rand is being buoyed by global sentiment, a combination of market uncertainty over vaccine roll-out and an expectation out of the Biden administration in the US.