JOHANNESBURG, Sept 20 Reuters The South African rand softened on Friday, cooling off after strong gains in a week that saw interest rate cuts by both the U.S. Federal Reserve and the South African Reserve Bank, plus a local inflation print.

At 1513 GMT, the rand traded at 17.53 against the dollar , about 0.3 weaker than its previous close.

The local unit has gained about 1.3 against the greenback this week.

The rand is likely to remain within a R17.40R17.70 range in the short term as it tracks international moves but we could see further profittaking, given the rand39;s recent strong run, said Andre Cilliers, currency strategist at TreasuryONE.

The Fed cut interest rates by 50 bps on Wednesday, weakening the dollar and boosting the risksensitive rand.

Also on Wednesday, data showed that South Africa39;s annual inflation rate fell to 4.4 last month, the lowest since April 2021 and just below the midpoint of the central bank39;s 3 to 6 target range.

The South African Reserve Bank joined the easing club when it announced a 25 basis point bps rate cut on Thursday, its first cut in more than four years.

We believe that the SARB has now entered a cycle of rate cuts, said Volkmar Baur, Commerzbank FX analyst, in a research note.

Further rate cuts are likely to follow, but these should not weigh on the rand if they are accompanied by structural improvements in the economy, Baur added.

On the Johannesburg Stock Exchange, the bluechip Top40 index closed little changed….