South Africa’s budget announcement by the finance minister has been abruptly canceled and rescheduled for next month over a dispute among parties in the governing coalition

South Africa's rand edged lower on Tuesday against a buoyant dollar, ahead of a highly anticipated national budget speech. At 1503 GMT, the rand traded at 18.4075 against the U.S. dollar, 0.15% weaker than its previous close.

South Africa on Wednesday pushed back the coalition government's first national budget speech to parliament in a shock move following internal pressures over tax hikes. After ruling South Africa alone since the end of apartheid in 1994,