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The rupee is trading at 60.14/15, off its eight-month high of 59.99 hit earlier in the day but still stronger than its close of 60.31/32 on Thursday.
The BSE Sensex slipped after hitting record highs for a fifth straight day. Traders will watch the domestic share market for cues on foreign fund flows.
Gains in other Asian currencies versus the dollar limited further rise in the pair.
The rupee is expected to hold in a 59.90 to 60.40 range during the session with the Reserve Bank of India likely to step in to buy dollars in case of a large sell-off in the pair.
