The rand was on track for its fourth day of gains on Wednesday as global focus shifts to the US Federal Reserve policy announcement later in the day.

The local currency broke below the R16.40/$ mark for the first time since July as risk-on sentiment took hold following weeks of rangebound trading.

BL Premium

This article is reserved for our subscribers.

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 Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now