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.