The South African rand softened on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank, plus a local inflation print.

The South African rand gained in early trade yesterday, as markets geared up for a week packed with interest rate announcements and a local inflation print. At 0720 GMT, the rand traded at 17,66 against the dollar, about 0,6 percent firmer than its previous close.

The rand strengthened Thursday, as sentiment was boosted by the dollar’s pullback and South Africa’s first interest-rate cut in four years.Most Read from BloombergAOC Proposes $30 Billion Social Housing AuthorityCalifornia’s Anti-Speeding Bill Can Be a Traffic Safety BreakthroughThe Moonshot Plan to Eliminate Deaths on America’s RoadsNew York City’s Transit System Plans $65.

The South African rand held onto early gains on Thursday following the South African Reserve Bank's (SARB) decision to cut interest rates for the first time in over four years, after a super-sized interest rate cut by the U.