Shares rise on steady-as-it-goes line from Jackson Hole

So far this year the rupee has weakened 8.9% while foreign investors have sold $493.40 million and $5.57 billion in equity and debt markets respectively

Elsewhere on currency markets the USA dollar were holding gains ahead of the annual Jackson Hole symposium of central bankers, where Fed boss Jerome Powell is due to speak later Friday.

"If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate", he said in prepared remarks.

"The economy is strong".

The Fed in June increased interest rates for the second time this year, and pencilled in two more rate hikes for the year.

Investors have fully priced in a rate increase next month and see an above-60 percent probability of another move by the Fed's meeting in December.

Powell said the Fed was trying to balance two risks in its decisions on interest rates: "moving too fast and needlessly shortening the expansion, versus moving too slowly and risking a destabilizing overheating".

"I believe in the Fed doing what's good for the country", Trump said in an interview with Reuters.

The risk of surge in inflation remained low, Mr Powell said.

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On Wednesday, the White House said Mr Trump was "not concerned at all" by Cohen co-operating with FBI investigators. He did not bring up either of his former associates. "It's not even a campaign violation", Trump said.

Trump has repeatedly said he is "not thrilled" with Powell's raising of interest rates. But the focus has shifted back to Fed policy, with bond traders now more certain of two rate hikes by year-end.

Strong economic growth, strong earnings and low interest rates have combined to continue to move the USA equity market higher, said Leo Grohowski, chief investment officer for BNY Mellon Wealth Management.

The Federal Reserve should stop raising interest rates now because the economy is showing no signs of inflation surging and is expected to slow next year after the effects of fiscal stimulus wear off, St. Louis Fed President James Bullard said Friday.

"Specifically, the reference there was that some members had become more uncomfortable with the narrative in the Fed policy statements that policy is still accommodative", Issa said.

Inflation, meanwhile, is near the Fed's 2 percent target range. "I just don't see much inflation pressure". "We are seeing some of the more cyclical sectors like energy, materials, continuing to move higher on the expectation that the Fed is going to let the economy run a little hot", Mr Zaccarelli said.

If Powell sounds confident that the economy won't be unduly hurt by the administration's tariffs on imports and the retaliatory tariffs they have provoked or by a currency crisis in developing markets, Fed watchers will likely conclude that the central bank will maintain a course of gradual rate hikes to reflect a robust economy.

European stocks look set to open largely unchanged on Friday as trade talks between the USA and China ended without progress, raising concerns that a prolonged trade spat could hurt global growth. He argued that gradual interest rate hikes would do less potential harm to the economy than basing policy on changing assumptions about the relationship between inflation and unemployment. Pearce said he saw Powell's comments as signaling that the central bank will continue raising rates gradually over the next year.

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Trump can decide what to comment on and is not anxious that the criticism will affect the central bank's monetary policy.

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