(fxcue news) - Indian shares are likely to open higher on Friday as resilient economic data pointed to a soft landing for the world's largest economy. That said, a firmer dollar, higher Treasury yields and a sharp rise in oil prices on Thursday due to tightening supplies from Libya and Iraq may lead to some volatility as the day progresses. Meanwhile, global index provider MSCI will rebalance its indices today, potentially leading to $5.5 billion in net inflows into Indian stocks. Along with the inclusion of seven stocks into the Global Standard index, MSCI will also increase the weight of HDFC Bank in the index. Benchmark indexes Sensex and Nifty hit new record highs on Thursday before ending about 0.4 percent higher each. The rupee gained 10 paise to close at 83.87 against the dollar. Asian markets were seeing modest gains this morning ahead of the release of U.S. PCE inflation data later in the day. The dollar held near a one-week high versus major peers and was on course to snap a five-week losing streak as traders tempered expectations for aggressive Federal Reserve interest-rate cuts. Gold dipped while oil steadied after rising nearly 2 percent in the New York trading session overnight, driven by positive U.S. economic data, concerns over potential supply disruptions in Libya and production cuts by Iraq. U.S. stocks ended mixed overnight as Nvidia's underwhelming earnings result offset positive labor market and GDP data. Revised data revealed the U.S. economy grew at a 3 percent annual pace in the second quarter instead of the 2.8 percent rate originally estimated, amid strong consumer spending and downward revisions to the pace of consumer price growth. Another report showed jobless claims ticked down by 2000 to 231000 for the week of Aug. 24. The Dow rose 0.6 percent to a new record closing high while the S&P 500 finished marginally lower and the tech-heavy Nasdaq Composite eased 0.2 percent. European stocks gained for a third straight session on Thursday amid strong earnings updates, data from Spain and Germany showing cooling inflation, and signs of improving economic sentiment in the eurozone and European Union. The pan European STOXX 600 climbed 0.8 percent. The German DAX gained 0.7 percent to notch a record close. France's CAC 40 added 0.8 percent and the U.K.'s FTSE 100 edged up 0.4 percent.