The rand powered towards the firmest since late August on Wednesday as risk assets rallied despite expectations the government Reserve would raise rates and draw a line under a decade of accommodative monetary policy.

The bourse was led lower by bullion stocks as gold prices took a success from dollar gains against other currencies.

At 15:00 GMT the rand was 0.92% firmer at 14.21 per dollar, its strongest level since August 29.

The rand has shaken off the lukewarm reception to President Cyril Ramaphosa’s multi-billion-dollar stimulus plan announced on Friday, rallying for some other emerging currencies as global risk aversion subsided.

The small sized the stimulus programme means it’s unlikely to get lots of a direct effect, Moody’s told Reuters in a interview per day after Fitch raised similar opinion.

“Investors started looking for value in emerging markets, as the degree of risk premium looks like it’s well baked into EM assets right after the turmoil experienced to date at the moment inside EM complex,” said Nedbank analysts Mehul Daya and Walter de Wet in a very note.

A climb to two-month highs for Chinese shares and talk connected with an IMF deal for Argentina also helped steady sentiment towards emerging currencies.

In fixed income, the yield for the benchmark government bond due in 2026 fell 5 basis suggests 9.065%.

In equities, the broad all-share index was down 0.55% at 56,570.15 points although the top 40 index was 0.59% softer at 50,361.86 points.

The gold index fell 3.25% with AngloGold Ashanti falling probably the most on the blue chip index, down 2.95% to 124.35 rand.

Gold prices slipped since the greenback strengthened in front of the outcomes of the Fed meeting.

Shares in Capitec Bank closed 1.87% firmer once the lender reported a 20% increase in half-year profit, helped by strong client growth.

“Quite a decent group of results. The only real concern was they own really not grown from the lending side of things nonetheless the transaction side of economic has been doing exceptionally well,” said Ryan Woods, an equities trader at Independent Securities.?