The South African rand has experienced fluctuations in recent days, softening ahead of a local inflation report and amid concerns regarding the Federal Reserve's rate path. On August 21, the rand was noted to be softer as traders anticipated the inflation print. By August 22, the currency continued to weaken, reflecting ongoing focus on the Fed's monetary policy direction. However, on August 23, the rand showed signs of strengthening as traders awaited a speech from U.S. Federal Reserve Chair Jerome Powell, which is expected to provide insights into future interest rate decisions. This anticipation has led to increased activity in the currency market as traders position themselves based on potential outcomes from Powell's address.