Indian rice drifts lower
Indian rice export prices dropped this week as the rupee hit a record low, though African demand stayed steady. India’s 5% broken parboiled variety fell to usd 367–371 per tonne and white rice to usd 361–366 per tonne. Meanwhile, Vietnam’s 5% broken rice stayed firm at usd 455–460 per tonne, near an eight-month high.
BENGALURU, HANOI, MUMBAI, BANGKOK AND DHAKA: Indian rice prices fell this week as the rupee hit a record low though demand from African nations remained steady, while Vietnamese prices held steady near a eight-month high.
“The rupee has been very volatile over the past few weeks. Exporters adjusted prices this week to factor in its fall,” said a Kolkata-based dealer. India’s 5percent broken parboiled variety was quoted at USD367-USD371 per tonne, down from USD371-USD376 last week, while the 5percent broken white rice was priced at USD361-USD366 per tonne this week. Earlier this week, India’s government said it aims to procure 46.45 million metric tons of new-season rice from domestic farmers. Vietnam’s 5percent broken rice was offered at USD455-USD460 per tonne on Thursday, unchanged from a week earlier when it hit its highest level since early January , according to the Vietnam Food Association.
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Source : Business Recorder
