MUMBAI, March 1 (Reuters) - The Indian rupee fell further in afternoon trade on Thursday on concerns over a widening current account deficit amid a recent rise in global oil prices, a fall in the euro and weaker domestic shares. * Dealers do not expect the rupee to rise much in the run-up to the federal budget scheduled on March 16 on worries about high inflation, slowing growth and a high fiscal deficit. * At 2:21 p.m. (0851 GMT), the rupee was at 49.20/21 to the dollar, weaker than Wednesday's close of 49.0050/0150. * A surge in Brent crude globally is fanning fears of increased demand for dollars by India, which imports about 80 percent of its oil requirement. * So far, dealers said, there has not been much dollar inflow into the government share sale in Oil and Natural Gas Corp that aims to raise at least $2.5 billion. * Defence-related dollar buying also added to the rupee's weakness, dealers said. * The euro fell in Asia as investors cut bullish positions after key events including the European Central Bank's cash injection passed without surprise. * Most emerging Asian currencies also fell as investors took profits from recent gains after the European Central Bank's fresh liquidity injections and as Federal Reserve Chairman Ben Bernanke failed to provide clear signs of more policy easing. * India's economic growth slowed to 6.1 percent in the three months to December, the weakest annual pace in almost three years, as high interest rates and rising raw material costs constrained investment and manufacturing. (Reporting by Suvashree Dey Choudhury; Editing by Aradhana Aravindan)

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