MARKET WRAP: Rand firms ahead of Reserve Bank policy meeting

The rand closed firmer on Wednesday as positive economic data and a possible Covid-19 vaccine boosted appetite for riskier assets, while local focus shifts to the SA Reserve Bank’s policy meeting this week.

The local currency gained more than 1% in intra-day trade, breaking below the R16.50/$ for the first time since July as risk-on sentiment took hold following weeks of range-bound trading.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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