The South African central bank has indicated that it is not looking to intervene to control the weakness in the national currency after the Rand remained low in the currency market.

Governor Gill Marcus of the Central bank of South Africa said that he expects the currency is expected to remain volatile but pointed out that the central bank is not likely to intervene. The country has a reserve of only $50 billion, which restricts the ability to boost its local currency.

"We have not attempted to intervene directly in the foreign exchange market as we do not believe that such intervention would be effective," Marcus said while speaking at a conference in London. The comments were also posted on the bank's website.

The rand has fallen to its lowest level in five years as emerging markets were affected due to the roll back of the US Federal Reserve fiscal stimulus package. Investors are also concerned over South Africa's wide current account deficit. The Reserve Bank had increased rates in January for the first time in nearly six years but the central bank is not likely to intervene in the matter.