The rand extended losses on Wednesday afternoon as finance minister Tito Mboweni began the medium-term budget policy statement (MTBPS) before parliament. 

At the start of Mboweni’s speech at 2pm, the rand had weakened 0.75% to R16.3239/$. By 2.28pm, it had weakened 1.45% to R16.4389/$, 0.88% to R19.2663/€ and 0.65% to R21.2575/£...

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