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 R17.40/R17.70 range

in the short term as it tracks international moves but we could

see further profit-taking, given the rand'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 risk-sensitive rand.

Also on Wednesday, data showed that South Africa's annual

inflation rate fell to 4.4% last month, the lowest since April

2021 and just below the mid-point of the central bank'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 blue-chip Top-40

index closed little changed.

South Africa's benchmark 2030 government bond was

slightly weaker, as the yield gained 3 basis points to 8.88%.