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.

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