At 0945 GMT, the rand traded at 17.9425 against the dollar, around 0.4% weaker than its previous close. It had been marginally firmer before the inflation figures were released.

Statistics South Africa figures showed consumer inflation slowed to 5.4% year-on-year in June from 6.3% in May, below a Reuters consensus forecast of 5.6% and within the central bank's target range of 3% to 6% for the first time since April 2022.

Easing price pressures bolster the case for the central bank to keep its main interest rate steady on Thursday after 10 hikes in a row, but that was already what most economists predicted.

Casey Delport, an investment analyst at Anchor Capital, said the rand would probably hover around its current value until the interest rate announcement.

"Markets are in a bit of a 'wait and see' phase," she said, adding that Anchor Capital expected the South African Reserve Bank (SARB) to raise rates by 25 basis points given ongoing rand risks and inflation expectations still exceeding the bank's preference.

The Johannesburg Stock Exchange's blue-chip Top-40 index was last flat on Tuesday's close. South Africa's benchmark 2030 government bond was firmer, as the yield fell 5 basis points to 10.275%.

(Reporting by Tannur AndersEditing by Alexander Winning and Barbara Lewis)