The rand has failed to recover from losses on Tuesday morning but was steady, as investors eyed the risk posed by the national budget speech.

The local currency, which is down more than 4% over the past month, could have a key test on Wednesday as markets look to  finance minister Tito Mboweni's budget speech for signs of pro-growth policies and the government's plans to rein in its debt. This could ultimately determine whether SA will lose its last investment-grade rating from Moody's Investors Service.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now