Rand weakens, bonds pare gains after budget

South Africa’s rand weakened against the dollar and government bonds pared gains on Wednesday after Finance Minister Nhlanhla Nene raised income taxes, cut economic growth forecasts and widened budget deficit estimates.

Rand retreats after strong overnight rally

South Africa’s rand retreated against the dollar on Tuesday after strong gains the previous day, tracking Asian markets lower as concerns about the global economic outlook sapped investor appetite for emerging assets.

Rand holds onto gains, seeking direction

The rand held near recent highs against the dollar early on Friday, looking for direction after hitting the 10.92 area currently serving as a resistance barrier for rand bulls.