The South African rand was around 17.6 per USD, down from an over nine-month high of 17.4 hit on August 22, as investors continued to take profits after the recent rally. Further losses were limited by rising gold prices and a weaker dollar, which came under pressure due to concerns over the Fed’s independence and expectations of upcoming interest rate cuts. Lower interest rates in the US would narrow the yield differential with South Africa, boosting investor confidence and supporting the rand. Domestically, recent data showed inflation accelerated in line with expectations to a 10-month high of 3.5% in July, remaining within the South African Reserve Bank’s (SARB) target range. However, the outlook remains uncertain amid a potential revision of South Africa’s inflation target and the risks associated with US tariffs and other global uncertainties.