AVN 64.90 Decreased By ▼ -0.10 (-0.15%)
BAFL 31.50 Increased By ▲ 0.35 (1.12%)
BOP 4.80 Increased By ▲ 0.09 (1.91%)
CNERGY 3.91 Increased By ▲ 0.03 (0.77%)
DFML 13.48 Decreased By ▼ -0.22 (-1.61%)
DGKC 41.87 Increased By ▲ 0.60 (1.45%)
EPCL 46.80 Increased By ▲ 0.11 (0.24%)
FCCL 11.42 No Change ▼ 0.00 (0%)
FFL 5.07 Increased By ▲ 0.03 (0.6%)
FLYNG 5.86 Increased By ▲ 0.04 (0.69%)
GGL 9.95 No Change ▼ 0.00 (0%)
HUBC 64.75 Increased By ▲ 0.65 (1.01%)
HUMNL 5.68 Increased By ▲ 0.03 (0.53%)
KAPCO 27.98 Increased By ▲ 0.18 (0.65%)
KEL 2.17 Increased By ▲ 0.04 (1.88%)
LOTCHEM 24.55 Increased By ▲ 0.25 (1.03%)
MLCF 21.75 Increased By ▲ 0.35 (1.64%)
NETSOL 84.30 Increased By ▲ 0.10 (0.12%)
OGDC 87.94 No Change ▼ 0.00 (0%)
PAEL 11.10 Increased By ▲ 0.20 (1.83%)
PIBTL 4.20 Increased By ▲ 0.02 (0.48%)
PPL 77.10 Decreased By ▼ -0.60 (-0.77%)
PRL 13.70 Increased By ▲ 0.08 (0.59%)
SILK 0.91 Increased By ▲ 0.02 (2.25%)
SNGP 41.68 Decreased By ▼ -0.25 (-0.6%)
TELE 5.96 Increased By ▲ 0.09 (1.53%)
TPLP 15.76 Decreased By ▼ -0.02 (-0.13%)
TRG 111.70 Decreased By ▼ -0.60 (-0.53%)
UNITY 13.92 Decreased By ▼ -0.03 (-0.22%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 4,061 Increased By 13.6 (0.34%)
BR30 14,518 Increased By 51.7 (0.36%)
KSE100 40,745 Increased By 71.5 (0.18%)
KSE30 15,227 Increased By 36.4 (0.24%)
Follow us

BENGALURU/ HANOI/MUMBAI/BANGKOK/DHAKA: Rice prices from top exporter India extended losses this week, pressured by ample domestic supplies and the rupee’s dive to record lows.

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 at 77.79 versus the dollar this week.

“The government is releasing more and more rice to feed poor people. The release has been putting pressure on the local prices,” said an exporter based at Kakinada, Andhra Pradesh.

A weaker rupee increases traders’ margins from overseas sales, allowing them to cut export rates.

Neighbouring Bangladesh, traditionally the world’s third biggest producer, which often resorts to imports to cope with shortages caused by natural disasters, has no plan to import rice this year, a food ministry official said, despite a rise in domestic prices again this week.

“We have good stocks and good crops this time and we expect that our local procurement target will be fulfilled. There is no plan to import rice,” the official said.

Vietnam’s 5% broken rice prices were unchanged at $415-$420 per tonne.

“Domestic supplies are running low while trading activity remains weak,” a Ho Chi Minh City-based trader said.

Preliminary shipping data showed 306,870 tonnes of rice were to be loaded at Ho Chi Minh City port from May 1 to May 24, with most of it heading to the Philippines, Africa and Cuba.

Meanwhile, Thailand’s 5% broken rice prices slipped to $430-$445 per tonne from $450 last week. Bangkok-based traders said markets have largely been muted since last week and the weak baht has made export prices attractive.

The country exported 1.74 million tonnes between January and

March, up 48.5% from the same period last year, according to data from Thailand’s commerce ministry released earlier this week.

Comments

Comments are closed.

Asia rice: India’s export prices dip on rupee dive

Govt team tries to persuade IMF to unlock lending

Intra-day update: rupee falls against US dollar

Fitch says PKR to further weaken

US, India partnership targets arms and AI to compete with China

Peshawar attack: ’Who brought the terrorists back?, asks PM Shehbaz

Former CM Parvez Elahi claims his residence raided by police

Eight rockets fired at Turkish base in Iraq

IMF revises Pakistan’s GDP growth projections downward

Paracetamol: govt to allow increase in price

Govt plans to convert Rs800bn PHL debt into public debt