The Indian rupee surrendered some of its sharp gains after hitting a 7-week high in the previous session and edged lower in opening trades on Wednesday. The domestic unit opened at Rs 86.60 and hit low of 86.68 so far during the day. The Indian rupee appreciated for the third consecutive session and registered gains of 26 paise to close at 86.55 against the US dollar on Tuesday, amid positive domestic equity markets and a weak American currency. The local unit jumped to its highest level in nearly 7 weeks as dollar stayed pressured on disappointing economic data from the US. Moreover, the strength of the Asian currencies also supported the rupee. However, a surge in crude oil prices capped some of the gains. Indian shares rallied on Tuesday to scale a one-month peak, mirroring firm cues from global markets after data showed U.S. retail sales rebounded marginally in February, helping ease recession concerns. The benchmark 30-share BSE Sensex jumped 1,131.31 points, or 1.53 percent, to 75,301.26 while the broader NSE Nifty index closed at 22,834.30, up 325.55 points, or 1.45 percent, from its previous close.

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