South Africa's rand firms more than 1pc on profit taking

JOHANNESBURG: South Africa's rand gained more than one percent on Wednesday as offshore investors cashed in on the dollar's recent rally and bought the local unit as it reached technical support levels.

At 1150 GMT the rand firmed 1.36 percent to 13.3825 per dollar, mirroring a broad emerging market currency recovery as traders shorted the dollar ahead of Federal Reserve Chair Janet Yellen's appearance in Congress.

"The rand was stretched toward the 13.60 support area so what we're seeing is really just a retracement," said Jim Bryson, currency trader at Rand Merchant Bank.

"You're also seeing offshore selling of the dollar ahead of the Fed this afternoon."