The Indian Rupee (INR) was strong in morning trades on March 21, 2011 supported by gains of the euro against the United States dollar (USD) and strong Asian peers.

Traders were of the view that rise of the rupee could be limited due to surging global crude oil prices. The partially convertible rupee was at 45.0500/0550 per dollar, stronger than its previous close of 45.13/14 at 9:50 am. With lenders leading the rise after taking cues from strong Asian markets, Indian shares rose 0.4 percent in early trades and most Asian currencies were stronger against the dollar.

Euro, the single currency, was at $1.4170 after hitting a four-month high of around $1.4184 and the common European unit had been near the mark of $1.4125 at end of trade in local forex market on Friday.

Brent crude climbed more than $2 on March 21, 2011 to reach $116 after a military campaign was launched by the western forces against Libya, stoking fears that the violence could intensify in North Africa and the Middle East, source of more than a third of the world's oil.