South Africa's rand gave up more than one percent against the dollar on Tuesday for the second straight session as a dim global outlook put emerging market assets on the back foot.

Analysts said the rand-positive impact of the hike, as well as the Bank of Japan's rate cut which boosted high-yielding assets, had largely worn off.

In fixed income, however, government bonds held their ground, with the yield for the instrument maturing in 2026 down 5.5 basis points at 9.29 percent.