The Indian rupee could erase some of its recent sharp losses and recover some of its lost ground in opening trades on Wednesday tracking positive global cues. Indian shares are seen opening a tad higher on Wednesday, mirroring firm cues from global markets and amid hopes for a rate cut by the RBI next week. Yesterday, rupee depreciated 25 paise to close at 86.56 against the US dollar, as global risk sentiments were dampened amid tariff threats by the US President Donald Trump. The domestic currency continued to face pressure due to sustained foreign fund outflows and the strength of the American currency in the overseas market amid unabated dollar demand from oil importers and weak risk appetite. The benchmark S&P/BSE Sensex hit an intraday high of 76,512.96 before paring some gains to end the session up 535.24 points, or 0.71 percent, at 75,901.41. The broader NSE Nifty index closed up 128.10 points, or 0.56 percent, at 22,957.25, after hitting a high of 23,137.95 earlier in the session.