The South African rand was subdued in early trade on Wednesday, tracking other emerging market currencies as investors awaited the US Federal Reserve's policy decision and comments from Fed Chairman Kevin Warsh for clues on inflation and interest rate outlooks.
At 0723 GMT the rand traded at 16.7050 against the dollar, a whisker away from Tuesday's close.
The Fed's policy decision is due at 1800 GMT, while Warsh's comments are scheduled for 1830 GMT.
Market expectations indicate a 68% chance that the central bank will hold rates steady and a 32% probability of a 25 basis-point hike, according to the FedWatch tool. Markets are pricing in a 77% chance of an increase in September.
Like other risk-sensitive currencies, the rand often takes its cues from global factors, particularly US monetary policy, alongside domestic economic data.
