Lacklustre demand drags down India rice export rates

India's rice export prices fell this week due to sluggish demand and depreciation in the rupee to a record low, while Vietnam rates edged higher, reports Reuters.

Top exporter India's 5 per cent broken parboiled variety was quoted at $539-$545 per ton, down from last week's $543-$551.

"Asian and African buyers are not active in the market; they are postponing purchases anticipating a drop in prices," said a New Delhi-based dealer with a global trade house.

Indian rupee this week depreciated to a record low, increasing exporters' return from overseas sales.

Vietnam's 5 per cent broken rice was offered at $565 per ton, up from $560 a week ago, traders said.

There are growing demands from Philippine clients, while exports to the Philippines and Indonesia have increased in recent days, said a Ho Chi Minh City-based trader.

"Supplies are stable, but the quality of rice is not good due to continuous rainfall in the Mekong Delta."