The rand was slightly weaker against global major currencies on Friday afternoon, as the market awaited next week’s medium-term budget policy statement. At 3.32pm, the rand was at R14.0367 to the dollar from Thursday’s R13.9510. It was at R15.2650 to the euro from R15.2470, and R17.1123 to the pound from R17.0928. The euro was at $1.0875, from $1.0929 in the previous session. Investec economist Kamilla Kaplan said the policy statement would be delivered against a backdrop of economic underperformance, a constrained fiscal space and heightened risk of a sovereign credit rating downgrade. "Averting a credit-rating downgrade includes delivering on gradual fiscal consolidation and stabilising, then bringing down, government debt ratios," said Kaplan Kaplan said under Finance Minister Pravin Gordhan, the government was expected to adhere to its commitment to prudent fiscal management.
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