South Africa’s rand edged lower in early trade on Thursday, pressured by a budget speech that forecast ballooning debt and a higher government deficit, as well as fading hopes globally of a quick economic recovery. At 0640 GMT, the rand was 0.32 weaker at 17.4425 per dollar, not far off its overnight close following largely uneventful trade in the wake of Wednesday’s emergency budget which failed to push the currency beyond its 17.50 resistance. Finance Minister Tito Mboweni said the budget deficit would widen to record 14.6% of gross domestic product in 2020/21, while public debt would top 80% as the country borrowed more to plug revenue holes caused by the COVID-19 pandemic. Learn more about your ad choices. Visit megaphone.fm/adchoices