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USDINR closed at 60.52 against its open for the day at 60.49.
Sensex provisionally closes 229.44 points higher,Nifty provisionally ends up 1 percent to close.
Cancellation of allocations could spark more coal imports and widen trade deficit.
Geopolitical concerns, bond yields worldwide have come under pressure this week on speculation that the European Central Bank would unveil new stimulus steps as soon as next week, to stave off deflation in the Euro Zone.
German inflation for August released on Thursday came in at a steady 0.8 percent ahead of Friday's Euro Zone number, in line with forecasts but well shy of the ECB's target of close-to-but-just-under 2 percent.
Japanese household spending fell more than expected, the jobless rate edged up and factory output remained anaemic in July after plunging last month.
Brent crude added about 0.3 percent to $102.79 a barrel, but was on track for its second monthly loss as ample supply and softening demand in Europe and China outweighed geopolitical concerns.
China's economic growth has relied increasingly on state-directed investment since the 2008/09 crisis.
The Supreme Court will hold a hearing today, after which it will decide whether to cancel coal allocations or impose penalty.
In declaring scores of coal block allocations unlawful and arbitrary, the Supreme Court has put investments worth billions of dollars at risk. In the long run, however, the decision could bring clearer rules to the sector.
Britain, Canada and Australia will also hold monetary policy meetings this week, starting with the Reserve Bank of Australia
A Reserve Bank of India (RBI) ban on Indian banks buying new issues of infrastructure bonds has handicapped Prime Minister Narendra Modi's chances of gathering billions of dollars needed for mega-projects through the bond market.
RBI rule handicaps India’s infrastructure hopes
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