The South African Rand fell against the U.S. dollar in the European session on Friday, after ratings agency Moody's assessed that South Africa's mid-term budget projected a larger fiscal deficit that is credit negative.

"The government's revised budget policy statement projects larger fiscal deficits and higher government debt, amid slower growth, a weaker rand and higher interest rates than expected in February, a credit negative," Moody's said.

The rand fell following the statement, touching a new 2-week low of 14.73. If the rand falls further, 16.00 is possibly seen as its next support level. At Thursday's close, the pair was worth 14.62.

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