The rupee still up in quiet trade at 54.16/17; 54.0450 intraday high, vs Thursday close of 54.355/365.
Pair saw some drift down on dollar selling in early trades, part of which likely related to National Aluminium Co Ltd
Bids have come in for one-third of shares on offer so far, including the greenshoe option, as per exchange data.
S&P comments on India's ratings being constrained by slowing economic growth also hurt INR.
State-run bank dealer tips 53.90-54.50 band in near term.