South Africa's rand gained against the dollar on Monday after tumbling last week, as investors turned their attention towards U.S. inflation data later this week and comments by Federal Reserve officials.

FirstRand Ltd. has turned more bullish on South Africa’s economy, and now sees a greater chance of economic growth accelerating to 2% and the rand strengthening to below 16 per dollar next year.

The South African rand is the calmest it’s been in nine years, but the drop in volatility points to a troubling cause: a long-term decline in investor interest in the country.Most Read from BloombergUrban Heat Stress Is Another Disparity in the World’s Most Unequal NationSingapore Ends 181 Years of Horse Racing to Make Way for HomesFrom Cleveland to Chicago,

The South African rand weakened on Tuesday, and is likely to take direction from U.S. inflation data and minutes from the Federal Reserve's September meeting due this week. At 1525 GMT, the rand traded at 17.