johannesburg dec 15 reuters  the south african rand edged up in early trade on wednesday as investors awaited domestic inflation data and the us federal reserve policy meeting outcome at 0615 gmt the rand traded at 160800 against the dollar 012 firmer than its previous close the foreign exchange markets are likely to trade cautiously and erratically as they await the outcome of the fed meeting this evening analysts at nedbank said in a note traders are watching the fed to see whether it accelerates tapering of its bond buying programme and brings forward its projections for interest rate rises us interest rate hikes tend to drain capital away from higheryielding but riskier emerging markets including south africa weighing on their currencies on the local front several domestic data releases are set for wednesday including the november consumer price index zacpiyeci producer inflation zappiyeci and a leading business cycle indicator zaleadeci