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Johannesburg - The rand firmed slightly on Wednesday, extending overnight gains ahead of a US Federal Reserve briefing that could give direction on when the regulator will raise interest rates.
At 08:00 the local currency was 0.17% firmer to R11.8480/$, adding to gains in the previous session that saw the unit climb close to a month high.
Emerging market currencies were spurred on by hopes of a resolution to Greece's debt crisis and are expected to hold on to gains as investors bet the US central bank will be dovish on growth prospects.
"The (rand's) move through R11.95 was good and momentum strong for a test of at least R11.70," Warrick Butler, a currency trader at Standard Bank, said in a market note.
"A hawkish statement will have a far bigger impact on the market so that is where the risk factor lies," Butler added.
The US Commerce Department releases its snapshot of first-quarter GDP at 14:30.
A Reuters survey predicts growth in the world's biggest economy slowed sharply in the first quarter as harsh weather dampened consumer spending.
Government bonds edged weaker in early trade, with the benchmark paper due in 2026 adding 2 basis points to 7.955%.
