South Africa's rand slipped back early on Thursday, after strong gains a day earlier when the dollar retreated on U.S. inflation data.
At 0645 GMT, the rand traded at 15.3475 against the dollar, roughly 0.3% weaker than its previous close.
The rand advanced more than 1% on Wednesday, as traders interpreted a rise in U.S. consumer prices in December as insufficient to alter the Federal Reserve's plans to speed up policy normalisation.
"The local unit has benefited significantly from the USD's retreat, both directly and indirectly through the rise in commodity prices," analysts at ETM Analytics said in a note, adding Wednesday was the first time the rand had closed below 15.5000 to the dollar since mid-November.
There have been relatively few domestic economic data releases this week, so the rand has tended to track global factors, especially the outlook for U.S. monetary policy.
Next week the data calendar is slightly fuller, with December consumer inflation , and November mining and retail sales figures. On Jan. 27, the South Africa Reserve Bank announces its first interest rate decision of 2022.
The government's benchmark 2030 bond was also slightly weaker in early deals, with the yield rising 1 basis point to 9.39%.
(Reporting by Alexander Winning; Editing by Kim Coghill)