The South African rand is trading around 17.9 per USD, appreciating by about 4.6% in July, mainly due to a softer USD. Domestically, the economy remains weak, and ongoing power outages threaten businesses and households while political uncertainties persist ahead of the 2024 election. The central bank is expected to keep interest rates steady on Thursday, as inflation returned to the 3%-6% target range in June for the first time in fourteen months.