# Budget 2024: Global investor sentiment is bad for the rand

> Finance Minister Godongwana's 2024 budget plan to use Reserve Bank contingency reserves to cut borrowing was initially welcomed, but the rand later fell more than 40 cents as global sentiment turned negative. By Friday it traded at R19.30 per dollar, its weakest since October 2023.

- Date: 2024-02-26 · published 2024-02-26T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/31939-budget-2024-global-investor-sentiment-is-bad-for-the-rand
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

Currency weakness in South Africa raises the local cost of imported feed ingredients, while the sell-off reflects broader emerging-market risk aversion.

## Read by commodity

- USDZAR: bullish ▲

## Sources

- iol.co.za: https://iol.co.za/business-report/economy/2024-02-26-budget-2024-global-investor-sentiment-is-bad-for-the-rand/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.