Indian stocks markets are expected to extend gains on Friday as the rupee rebounded from a record low against the US dollar.
BSE Sensex gained more than 400 points and NSE Nifty closed above its psychological 5400 level on Thursday as the rupee recovered from its all time low after the Indian central bank on Wednesday opened a special window to provide dollars directly to the three state-owned oil companies.
The rupee on Thursday climbed 3.27 percent or 225 paise, its highest single day gain in at least 15 years, to end the day at 66.55. The Indian domestic currency on Wednesday recorded its biggest single day fall in nearly 18 years and touched all time record low of 68.85.
Asian markets were trading mixed on Friday as energy shares declined on weak oil prices. Crude oil prices plunged more than 1 percent as a possible US military strike on Syria appeared less likely.
"Fears about Syria may have abated, but uncertainty over possible military action against Syria in the mid-term will likely keep trading thin," Yutaka Miura, a senior technical analyst at Mizuho Securities, told Reuters.
Japan's benchmark Nikkei 225 declined 0.65 percent and Hong Kong's Hang Seng fell 0.15 percent, while China's Shanghai Composite gained 0.19 percent and South Korea's KOSPI rose 0.44 percent.
US stock markets ended with gains on Thursday as better-than-expected reading on the economic activity data buoyed sentiment. The Dow Jones Industrial Average gained 0.11 percent, the S&P 500 Index was up 0.20 percent and the Nasdaq Composite Index advanced 0.75 percent.
The US Commerce Department said on Thursday that economic activity in the world’s largest economy grew at a 2.5 percent annual rate in the second quarter, up from its initial estimate of a 1.7 percent increase and also topped Reuters forecast for a 2.2 percent increase.
Meanwhile, data released by the US Department of Labor showed that initial jobless claims, which measures the number of individuals who filed for unemployment insurance for the first time last week, declined to 331,000 for the week ending 24 August, down from revised figure of 337,000 recorded in the last week, and also came in better than analysts' estimation of 332,000.
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