South Africa's rand regained some ground in early trade on Friday as the dollar slipped ahead of a speech by U.S. Federal Reserve Chair Jerome Powell and an S&P rating review for South Africa later in the day.

At 0646 GMT, the rand traded at 19.2800 against the dollar , around 0.2% stronger than its previous close.

The dollar was trading around 0.12% weaker at 103.380 against a basket of global currencies, after hitting a two-month high the previous day at 103.630.

South Africa's rand sunk to a new all-time low last week on concerns over a domestic power crisis and allegations that South Africa had shipped weapons to Russia.

It appeared to be clawing its way back from deep oversold territory on Friday, said analysts at ETM Analytics.

"It may come as a relief, but one needs to think about this move sceptically as it represents a break from the market behaviour of the past two weeks," said ETM in a research note.

At 1500 GMT, global markets will turn their attention to Powell as he speaks on U.S. monetary policy.

S&P Global's sovereign rating review for South Africa is expected in early evening local time.

Next week, the South African Reserve Bank will announce its interest rate decision, with analysts expecting another hike.

The South African government will auction its 2029 , 2033 and 2038 inflation-linked bonds and Treasury bills at around 0930 GMT.

South Africa's benchmark 2030 government bond was stronger in early deals, with the yield down 7.5 basis points at 11.090%. (Reorting by Tannur Anders; Editing by Nellie Peyton and Christina Fincher)