At 0700 GMT, the rand traded at 14.7300 against the U.S. dollar, compared to a previous close of 14.7400 - its strongest level since Jan. 5.

"Over the course of the week thus far, the USD has traded broadly on the back foot, with both the majors and emerging markets benefiting from this scenario. The rand has now reached the short-term technical objective around the 14.7000 level," analysts at Nedbank said in a note.

U.S. President Joe Biden's $1.9 trillion coronavirus relief bill is expected to pass through Congress with little changes despite opposition from Republicans over the aid's price tag.

Analysts see the fiscal spending, coupled with continued ultra-easy Federal Reserve monetary policy, dragging down the dollar in the longer term, feeding demand for risk assets.

In fixed income, the yield on the long-dated benchmark government bond due in 2030 was up 2 basis points to 8.610%.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Christopher Cushing)