South Africa's rand weakened on Thursday as the dollar recovered some ground after recent losses, a day after South Africa's national budget was tabled before lawmakers and met with resistance. At 1504 GMT,

South African lawmakers have outlined plans that include a 0.5% VAT increase to fund additional health and defense spending. The rise in VAT aims to address cuts in US aid, return 9,300 jobs in healthcare,

South Africa’s finance minister proposed scaling back tax increases and curbing spending in a bid to resolve a standoff over the budget in the nation’s fractious governing alliance. Watch this report for more details!

The South African rand fell as disagreements in the ruling coalition persisted despite the finance minister making concessions in a revised budget on Wednesday. The budget has been the biggest test so far of South Africa's fractious coalition politics,