Indian rice export prices extend fall on muted demand, weak rupee
rice prices fell for a third straight week to a 17-month low on weak demand and depreciation in the rupee to a record low.
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“Demand was weak from both Asian and African buyers due to the New Year holidays. It could pick up next week,” a Kolkata-based dealer with a global trade house said.
The Indian rupee hit a record low against the dollar last week, effectively increasing the margins of exporters.
India's 5% broken parboiled variety was quoted at $436-$442 per ton this week, down from last week’s $439-$445. Indian 5% broken white rice was quoted at $440-$449 per ton.
Meanwhile, traders in Thailand said the market is anticipating a drop in Thai rice exports this year due to India’s expected increase in exports.
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