South Africa's rand slips 1.5 pct after growth forecast cut


South Africa’s rand slipped sharply after Finance Minister Pravin Gordhan cut his 2016 growth forecast on Wednesday to 0.9 percent, down from a previous forecast of 1.7 percent, citing a recent drought.

[Read S.A Finance Minister Pravin Gordhan’s 2016 Budget Speech here: 

At 1220 GMT the rand was 1.6 percent weaker to 15.420 per dollar from 15.3350 before the budget began.