Rand weakens 20c to the dollar as market digests budget speech
The announcement that the government will increase borrowing weighs on the rand, which is also pressured by a weak euro
24 October 2018 - 15:01
The rand weakened against major global currencies on Wednesday afternoon, slowly grinding lower as the markets digested the medium-term budget policy statement (MTBPS).
The local currency erased earlier gains and weakened about 14c to the dollar as the speech got underway, with the statement including lower economic-growth forecasts, higher budget-deficit targets, and promises of drastically increased government spending...
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