Indian rice export prices stay near one-year high as rupee weakens
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- ✓Indian rice export prices stayed near a one-year high this week as a weaker rupee balanced rising paddy costs.
- ✓A Kolkata-based trader said, "Rupee depreciation is helping keep export prices steady." Meanwhile, supply concerns grew as India’s rice production is set to fall this year due to below-normal rainfall levels.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Indian rice export prices held near a more than one-year high this week as a weaker rupee offset rising paddy costs amid crop supply concerns, while Thai rates increased on flooding worries.
"Rupee depreciation is helping keep export prices steady. Demand softened slightly this week as buyers delayed purchases due to higher freight rates," said a Kolkata-based trader.
India's 5% broken parboiled variety was quoted at $378 to $384 per ton this week, unchanged from last week. Indian 5% broken white rice was priced at $379 to $384 per ton.
The country's rice production is set to decline this year for the first time in a decade as below-normal rainfall threatens to cut yields.
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