The South African rand has been fluctuating against the dollar amidst expectations of U.S. interest rate cuts, influenced by weak U.S. economic data and the potential for a rate cut in September. The rand strengthened as President Ramaphosa's new government was sworn in, but uncertainty remains on how economic reforms will be approached. The rand faced volatility as the government of national unity formed, impacting South African assets and the bond market. Global factors like U.S. monetary policy and local developments drive the rand's movements, alongside concerns over the unity government's challenges and future obstacles.