New Delhi, May 14 -- The Indian rupee could face further depreciation if the West Asia conflict continues for a prolonged period, with higher crude oil prices likely to keep pressure on India's economy and external balances, according to an ICICI Bank research report.

The report said that while the temporary truce between Iran and the US has brought some stability to currency markets, uncertainty over a final resolution remains high.

"We reiterate that until a resolution to the conflict is reached, risk aversion flows supporting the global USD will likely remain in place," the ICICI Bank report said.

The report added that rising crude oil prices are a major concern for India because the country imports most of its oil requirements. Hig...