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South African rand opens weaker before budget showdown

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The South African rand opened weaker early on Wednesday, hours before the finance minister was set to present a revised annual budget in parliament.
The South African rand weakened at the opening of the market on February 22, 2023, ahead of a crucial budget speech by Finance Minister Enoch Godongwana. Investors and analysts were particularly focused on how the government plans to address the ongoing energy crisis, with expectations set on potential financial support for struggling state power utility Eskom. The rand traded at 18.2700 against the dollar, marking a decline from its previous close. The budget speech was anticipated to provide insights into fiscal policy, debt management, and economic recovery strategies amidst challenges like power outages and economic stagnation.

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[ https://www.msn.com/en-us/news/other/south-african-rand-opens-weaker-before-budget-showdown/ar-AA1AJUep ]