JOHANNESBURG (Reuters) -The South African rand slipped in early trading on Wednesday before local trade and budget data and a briefing by the finance minister on the country’s contested budget.
At 0825 GMT, the rand traded at 18.63 against the dollar, roughly 0.4% weaker than Tuesday’s closing level.
Finance Minister Enoch Godongwana will brief reporters from 1000 GMT on the next steps for the budget after he scrapped a fiercely-opposed increase in value-added tax and a court set aside parliament’s adoption of the fiscal framework.
Godongwana will have to give a new budget speech with updated revenue and spending projections. The speech is also likely to feature new economic growth forecasts.
March’s budget and trade balance figures are due around 1200 GMT.
Central bank data early on Wednesday showed private sector credit extension slowed slightly in March, to 3.45% year-on-year from 3.68% in February.
The benchmark 2030 government bond was flat in early deals with the yield at 8.81%.
(Reporting by Sfundo Parakozov;Editing by Alexander Winning and Sharon Singleton)
