At 1325 GMT, the rand traded at 18.5900 to the U.S. dollar, about 1.2% stronger than its previous close.
The dollar last traded about 0.2% stronger against a basket of global currencies.
The rand had gained as much as 1% on Tuesday as risk appetite returned to global markets due to falling U.S. Treasury yields.
Statistics South Africa said annual headline consumer inflation slowed to 4.7% in July from 5.4% in June, a bigger drop than the 5.0% rate analysts polled by Reuters had predicted and near the midpoint of the central bank's target range.
The figures will likely inform the SARB's interest rate decision when it meets in September, but some analysts said inflation could rise again in August.
"The ... inflation rate is likely to lift somewhat in August on base effects as July 2022 proved to be the peak for the inflation trajectory," Investec economist Annabel Bishop said in a research note.
South Africa is hosting leaders from Brazil, India and China in Johannesburg for the second day of the BRICS summit of emerging economies on Wednesday, where the expansion of the bloc is up for discussion.
Russian President Vladimir Putin is joining virtually.
South Africa's benchmark 2030 government bond was stronger, with the yield down 18.5 basis points to 10.290%.
(Reporting by Tannur Anders and Nellie Peyton; Editing by Andrew Heavens and David Evans)
