South African rand slips as budget speech fails to impress
Updates to afternoon trade, adds detail from budget in paragraph 3, analyst quote in paragraph 6
JOHANNESBURG, Oct 30 (Reuters) -The South African rand slipped onWednesday as akeenly awaited budget speech by the finance minister failed to impress investors.
At 1551 GMT, the rand traded at 17.6825 againstthe U.S. dollar ZAR=D3, down about 0.2% fromits previous close.
South Africa's government on Wednesdayforecast wider budget deficits and higher debt over the next three years even as growth prospects improved due to better electricity supply.
The mid-term budget was thefirst under a coalition government formed after the African National Congress party lost its majority.
The coalition government has committed to lifting economic growth and making progress with reforms, boosting investor confidence and fuellinga rally in the rand and local currency debt.
"The fiscal path set out in the MTBPS (medium-term budget policy statement) probably fell short of the market's relatively upbeat expectations," said Nedbank analysts in a research note.
Economists polled by Reuters hadpredicted Finance Minister Enoch Godongwana will announce a lower 2024/25 budget deficit estimate than in February's main budget.
In the stock market, the Top-40 .JTOPI index closed 0.61% lower.
South Africa's benchmark 2030 government bond ZAR2030= fell marginally, as the yield rose 1.5basis points to 9.285%.
Reporting by Alexander Winning and Bhargav Acharya; Editing by Savio D'Souza and Richard Chang
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