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The rupee snapped its losing streak and appreciated 20 paise against the US dollar on Tuesday as easing crude oil prices and a weaker dollar improved investor sentiment amid hopes of a pause in hostilities between the US and Iran.

Aviation turbine fuel (ATF) prices for domestic airlines rose by around 10 per cent on Tuesday as state-owned oil marketing companies rolled out a government-backed price stabilisation scheme that will allow carriers to lock in fuel rates for up to three years.

The official noted that the decline in gold imports will help contain the current account deficit - which is expected to widen sharply in FY27 largely due elevated crude oil prices.

Rising oil prices, higher fertiliser costs and supply disruptions linked to the Iran war are beginning to cloud India's economic outlook, with economists warning that prolonged tensions could push up inflation, slow growth and strain government finances.

US President Donald Trump announced in February that India would stop buying Russian crude oil and step up energy ties with the United States of America. Four months after that, India's Russian oil imports are near record highs and the US still doesn't feature among India's top five crude suppliers.

ASK recognises that the oil shock is negative for India but not yet destabilising

The government provided Rs 1.23 lakh crore to oil marketing companies to help keep petrol and diesel prices unchanged for 78 days following the outbreak of the Middle East crisis, news agency PTI reported citing sources.

Jet fuel for domestic airlines will now cost Rs 115 per litre, up from Rs 104.927, industry sources say

In this edition of Moneycontrol Pro Panorama: India's AI opportunity builds on past technology waves, dollar inflows help but oil drives bond sentiment, stronger investor demand can deepen debt market resilience, and more

Oil prices may average at around $87 per barrel in 2026 as the reopening of Strait of Hormuz in the coming months would ease crude supplies globally, says Fitch Ratings. Global oil markets are likely to move back into surplus once shipping through the Strait of Hormuz resumes, despite the sharp rise in prices caused by the closure of the key maritime route, the report says.