Rand muted, all eyes on Nene's budget

Johannesburg - The rand traded cautiously against the dollar ahead of the budget speech on Wednesday in which Finance Minister Nhlanhla Nene is expected to keep his budget deficit target unchanged from October forecasts.

South Africa has been dogged by the uncomfortably high fiscal and budget deficits recently, often putting the currency under pressure in times of heightened global risk aversion.

At 07:10 GMT, the rand was at R11.4725/$, unchanged from last night's close in New York.