The South African rand extended losses on Wednesday after the Democratic Alliance (DA) party said talks with the African National Congress (ANC) over passing the budget had broken down. The two biggest parties in the ruling coalition have negotiated for weeks to try to reach a deal on the country's contested budget.

The rand is under pressure as markets sit on edge, waiting to see what happens with the crucial budget vote on Wednesday—and what it means for the future of the GNU.

USD/ZAR rose on Wednesday as South African rand continue to weakened following the collapse of budget talks between the DA and ANC. On South Africas Democratic Alliance (DA) party rejected the