Saudis worry as price of Indian rice goes north
Friday, 14 September 2007
DUBAI, Sep 13 (PTI): There is growing concern in Saudi Arabia about the price hike in Indian Basmati rice by nearly 60 per cent, but Indian officials said the rise in prices is largely market-driven.
The 60 per cent hike in the price of Indian rice is not only market-driven but also partly due to the appreciation of the Indian rupee vis-a-vis the Saudi riyal, Rajeev Shahare, deputy chief of mission in Riyadh, said.
He, however, rejected suggestions that suppliers are hoarding rice to boost prices.
The 60 per cent hike in the price of Indian rice is not only market-driven but also partly due to the appreciation of the Indian rupee vis-a-vis the Saudi riyal, Rajeev Shahare, deputy chief of mission in Riyadh, said.
He, however, rejected suggestions that suppliers are hoarding rice to boost prices.