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India Rice export prices rise on firm Rupee

India-Rice-export-prices-rise-on-firm-Rupee-4192.jpg      India Rice export prices rise on firm Rupee


Rice export prices in India strengthened this week as gains in local currency prompted traders to raise prices of the staple.

India’s 5 percent broken parboiled variety was quoted around $366-$369 per tonne this week, up from last week’s $364-$367, Reuters reported.

The Indian rupee hit the highest level in more than seven weeks on Wednesday, reducing exporters’ margins from overseas sales.

Releasing the third advance estimates of production of major crops for 2018-19, the agriculture ministry said the country’s rice production is estimated at an all-time-high of 115.63 million tonnes during 2018-19, beating the previous record of 112.76 million tonnes achieved in 2017-18 crop year.
Source: Commodity Online

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