India’s 5% broken parboiled variety was quoted at $ 351 to $ 356 per tonne, down from last week’s $ 357- $ 361 range, as the rupee hit an all-time low of 77.79 against the dollar this week.
“The government is releasing more rice to feed the poor. Mukti is putting pressure on local prices,” said an exporter based in Kakinada, Andhra Pradesh.
A weaker rupee increases traders’ margins from overseas sales, reducing their export rates.
Neighboring Bangladesh, traditionally the world’s third-largest producer, often relying on imports to cope with deficits caused by natural disasters, has no plans to import rice this year, a food ministry official said, despite rising domestic prices again this week.
“We have good stocks and good crops and we hope that our local procurement targets will be met. There are no plans to import rice,” the official said.
The price of 5% broken Vietnam rice remained unchanged at $ 415- $ 420 per tonne.
“Internal supplies are running low while business activity is weak,” said Ho Chi Minh City-based trader.
Preliminary shipping data show that 306,870 tons of rice will be loaded at Ho Chi Minh City port from May 1 to May 24, with most going to the Philippines, Africa and Cuba.
Meanwhile, the price of 5% broken rice in Thailand dropped from $ 450 to $ 430- $ 445 per ton last week.
Bangkok-based traders say markets have been largely muted since last week and the weak butt has made export prices attractive.
According to data released by the Thai Ministry of Commerce earlier this week, the country exported 1.74 million tonnes between January and March, up 48.5% from the same period last year.