India rupee edges lower ahead of stock open

MUMBAI, May 15 (Reuters) - The Indian rupee edged lower on Thursday as investors stayed on the sidelines ahead of the stock market opening to gauge foreign appetite for local assets, a key driver for the local unit.

* At 9:07 a.m, the partially convertible rupee <INR=IN> was at 42.49/50 per dollar, weaker than 42.45/46 per dollar on Wednesday.

* Oil CLc1, India's biggest import, traded below $124 a barrel, after touching a record near $127 on Tuesday. High global oil prices raise the risk of widening India's trade deficit and putting downward pressure on the rupee.

* Foreign funds have been net sellers of nearly $3 billion of stocks this year, with the benchmark index down 16.3 percent since the close of 2007. (Reporting by Saikat Chatterjee; Editing by Sunil Nair)