South African rand gains after dovish Fed talk, cenbank data in sight

The South African rand gained in early trade on Wednesday after dovish commentary by the U.S. Federal Reserve buoyed emerging market currencies, while focus was also on a local financial review by the South African Reserve Bank. The dollar index was flat against a basket of global currencies. Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. monetary policy in addition to local movers.