At 0630 GMT, the rand traded at 14.5500 per dollar, 0.3% weaker than its New York close on Tuesday.

The currency raced to a two-week high of 14.4900 on Tuesday after the government signalled it will give additional support to power firm Eskom and as emerging currencies were lifted by expectations the Federal Reserve could signal U.S. rate cuts.

President Cyril Ramaphosa is scheduled to make his state of the nation (SONA) address on Thursday, which is likely to include more measures to support cash-strapped Eskom.

"All eyes will be on the local CPI data today, followed by the Federal Reserve interest rate announcement later today," said Bianca Botes, a Treasury partner at Peregrine Treasury Solutions.

"The good news should be priced in for the most part, but short-term knee-jerk reactions can be expected leading up to and during the events of the Federal Reserve and SONA over the next two days, posing good foreign currency buying opportunities."