The rupee is marginally weaker in opening trades after flattish open. The pair is at 54.01/02 versus its previous close of 53.96/97.
Dealers say some bunched up inflows may provide support to the Indian rupee. The pair seen consolidating around 53.85-54.10 levels.
Foreign funds were provisional buyers of 9.40 billion rupees of stocks on Thursday.
Indian financial markets were closed on Friday for a local holiday.
Local stocks gain in early trades, up 0.44 percent.
The yen started the new week under pressure, with the dollar just a whisker away from the elusive 100 level, after the Group of 20 countries stopped short of criticising Japan's reflationary policies that have sent its currency tumbling.