Rand slips 1.5% after growth forecast cut

Johannesburg – The 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.

At 1220 GMT (2.20pm) the rand was 1.6 percent weaker to 15.420 per dollar from 15.3350 before the budget began.