The Indian rupee was trading little changed to the U.S. dollar on Friday, unable to sustain its marginal uptick amid concerns over how risk appetite will shape up.

The rupee was at 82.15 to the dollar by 11:10 a.m. IST compared with 82.1475 in the previous session. The local currency had opened at 82.10.

Asian equities were mostly lower after the S&P 500 Index overnight fell by the most in a month. Data on Thursday fuelled worries over U.S. economic growth, prompting investors to avoid risk assets and buy U.S. Treasuries.

The number of Americans filing new claims for unemployment benefits increased moderately last week, and a report by the Philadelphia Federal Reserve showed that manufacturing activity in the mid-Atlantic unexpectedly contracted in April.

This comes on the heels of data out earlier this month that revealed a slump in U.S. retail sales and manufacturing activity.

Despite the weak data, the Fed is expected to raise rates at the May 2-3 meeting. Futures indicate a near 85% probability that the central bank will hike rates by 25 basis points.

Slowdown fears, along with Fed rate jitters are prompting a cautious view on risk, said Srinivas Puni, managing director at QuantArt Market Solutions. The month-end U.S. personal consumption expenditure is the next data point to watch out for, he added.

The rupee forward premiums were up, adding to Thursday's rise prompted by paying by public sector banks, which traders said was likely for the Reserve Bank of India.

The 1-year implied yield was up four bps at 2.31%. (Reporting by Nimesh Vora; editing by Eileen Soreng)