The rand strengthened Thursday, as sentiment was boosted by the dollar’s pullback and South Africa’s first interest-rate cut in four years.Most Read from BloombergAOC Proposes $30 Billion Social Housing AuthorityCalifornia’s Anti-Speeding Bill Can Be a Traffic Safety BreakthroughThe Moonshot Plan to Eliminate Deaths on America’s RoadsNew York City’s Transit System Plans $65.

South Africa’s real, inflation-adjusted interest rates reached the highest level in 19 years after price pressures cooled, but that’s unlikely to embolden the central bank to cut borrowing costs by more than a quarter point.