New Delhi, June 16 -- The announcement of a peace deal between the United States and Iran to end their 107-day conflict and reopen the Strait of Hormuz has been welcomed by Indian exporters and economists, who expect it to ease pressure on India's energy import bill, stabilise the rupee and revive trade with the West Asia region.

The agreement is set to be formally signed on June 19 in Switzerland.

Relief for India's Energy Dependence

Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said, "For India, the agreement brings immediate economic relief as the conflict has exposed India's dependence on West Asia, from where it sources roughly 50 per cent of its crude oil imports, around 70 per cent of its LPG supplies and nearl...