Fresh from its biggest quarterly drop against the dollar in more than a year, the rand may be set for a rough month leading up to finance minister Tito Mboweni’s medium-term budget policy statement.

The medium-term budget policy framework, which Mboweni is scheduled to present to parliament on October 30, is seen by some economists as a vital indicator as to whether the country will eventually lose its last remaining investment-grade rating, potentially resulting in flight from its bond market.

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