"We have said before that we will give support to the Reserve Bank to accumulate reserves as and when we can. Over and above that we will monitor this very carefully and we will review our stance as the times dictate," he told reporters in Parliament.
He said the impact on the rand of a potential inflow of capital stemming from the World Bank's recently awarded US3.75 billion loan to Eskom was still unknown.
"We have just concluded it. No money has come in," the minister told reporters.
"We want a stable rand, a competitive rand... there are concerns around the world about financial flows and the appreciation of currencies in the developing part of the world but there is also a lot of thought being given to what does one do about it."
Asked about his view on the economic recovery, Gordhan said the outlook was fair but risks remained.
"What if there is another Greece tomorrow? But generally there is an uptick. Every month I think the prospects are getting better but the risks are still there."
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