Rae f
Australian and English: probably originally a short form of RACHEL (SEE Rachel), but now generally taken as a feminine form of RAY (SEE Ray) or RAYMOND (SEE Raymond). It is also possible that in some cases it represents a transferred use of the Scottish surname Rae, originally either a short form of MacRae (from a Gaelic personal name meaning ‘son of grace’) or a nickname from the roebuck. It is often used in combinations such as Rae Ellen and Mary Rae.
First names dictionary. 2012.