South Africa's rand was little changed in early trade on Friday as investors awaited clarity on a disputed national budget which has roiled domestic markets in recent weeks. At 0644 GMT, the rand traded at 18.

The USD/ZAR exchange rate has suffered a sharp reversal this month as the falling US dollar pushed investors out of the greenback

Following the announcement by Finance Minister Enoch Godongwana to abandon the proposed VAT increase, the South African rand has shown signs of recovery, gaining value against the US dollar. This decision comes amid significant opposition and legal challenges from various political factions.