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Rice export prices in India this week slipped to their lowest since December 2016 as a weaker rupee allowed exporters to cut rates amid climbing local supply from fresh crops.
Top exporter India’s 5 percent broken parboiled variety was quoted at $351-$356 per tonne, down from $353-$358 last week.
The Indian rupee touched a two-month low on Thursday.
"India has again become competitive in the world market,” said an exporter based at Kakinada in Andhra Pradesh state.
Domestic rice prices in Bangladesh rose again this week despite good crops and imports, which officials blamed on hoarding by middlemen.
"Stern action will be taken against those
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