JOHANNESBURG (Reuters) - South Africa's rand firmed against a wobbly dollar on Wednesday as investors dumped the greenback for riskier assets and local stock futures rose, pointing to a positive open for shares. The blue chip Top-40 June futures contract was 0.57 percent higher ahead of market opening at 0700 GMT, after most global stocks rose. The rand was trading at 8.34 against the dollar at 0639 GMT, 1.12 percent firmer than Tuesday's New York close of 8.4450. "There's a bit of dollar weakness again and the fact that we could not sustain any move above 8.50 overnight means we are testing towards the bottom end of our ranges," said Jim Bryson, chief dealer at Rand Merchant Bank. The dollar hit a four-month low against a basket of currencies and a seven-week trough to the euro on Wednesday, facing renewed selling amid a recovery in risk appetite. Bryson said rand support levels were 8.30 and 8.25 against the dollar, but the rand would likely stay in ranges. Government bonds weakened, with the yield on the 2015 issue up 2.5 basis points at 8.25 percent and that on the long-dated 2036 paper up 3.5 basis point to 8.37 percent. Bonds weakened sharply on Tuesday after Finance Minister Pravin Gordhan said the new administration would discuss policy issues, including inflation targets. For Wednesday, markets will watch the release of March retail sales data at 0930 GMT to see the extent to which the consumer is struggling. Sales fell 4.5 percent year-on-year in February and are expected to remain weak for the rest of 2009. In an effort to stimulate demand in the economy, the central bank has reduced the repo rate by 350 basis points to 8.5 percent since December, after rates rose by 500 basis points between June 2006 and June 2008. | 
