At 1540 GMT, the rand traded at 14.5480 against the dollar, 0.30% weaker than its previous close.
South Africa's retail sales fell 0.9% year-on-year in February, after rising 7.7% in January, Statistics South Africa figures showed on Wednesday, signalling weakening consumer activity amid rising interest rates.
"We are concerned about the intensifying consumer headwinds. These include higher inflation, depressed consumer sentiment, stagnant labour market, and the less supportive interest rate environment," local lender FNB said in a note.
Sales of food, beverages and tobacco was hit the worst, while pharmaceuticals, furniture and apparel grew.
Emerging market currencies and stock markets did well in 2021, but the Russia-Ukraine war has fanned inflation concerns, threatening riskier assets like the rand as investors flock to safer avenues.
That could also dull the boost to the rand from higher prices of mined ores and metals exported by the country.
Shares on the Johannesburg Stock Exchange (JSE) also lost steam on Wednesday, even though prices of gold, platinum group metals and coal rose.
The benchmark all-share index dropped by 0.91% to 73,129 points and the blue-chip index of top 40 companies ended down 0.87% at 66,200 points.
In fixed income, the yield on the benchmark government 2030 government bond was up five basis points at 9.710%.
(Reporting by Olivia Kumwenda-Mtambo and Promit MukherjeeEditing by Gareth Jones and Devika Syamnath)
