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The Rand held firm against the US dollar ahead of the budget speech this afternoon, a pivotal day for the South African economy. This is according to Statistics South Africa’s release of the Consumer Price Inflation data for April.
Inflation dropped sharply to 2.7% in March, the lowest since June 2020.
On Tuesday morning, the rand remained at just below R18 to the dollar and then dropped to R17.88.
Finance Minister Enoch Godongwana will retable the national budget today in Parliament ahead of President Cyril Ramaphosa’s much-anticipated meeting with US President Donald Trump at the White House.
The visit aims to reset the tense trade relationship between South Africa and the United States.
