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The rand suffered its steepest fall in over a year after Finance Minister Mboweni forecast a 5.9% budget deficit and rising debt in his medium-term budget statement. The currency was down more than 2.4% at 14.98 per dollar, after an earlier 3% drop.
The sharp depreciation raises the rand cost of dollar-priced feed and feed ingredients for South African buyers. A likely ratings downgrade could add further pressure.
sapeople.comReutersOct 30, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
