MUMBAI, HANOI AND BANGKOK: Indian rice export prices rose to their highest levels since April 2021 this week boosted by limited supplies and a stronger rupee, while firm local currency and demand sent Thai rates higher. Top exporter India’s 5% broken parboiled variety was quoted at $387-$395 per tonne this week, up from last week’s $375-$382 per tonne. White rice prices rose to $435-$440 per tonne from $398-$405 per tonne a week ago.
The Indian rupee rose to a one-month high this week, trimming exporters’ returns from overseas sales. Demand is weak as local prices jumped after the government curtailed free-food grain distribution, said Himanshu Agarwal, executive director at Satyam Balajee, an exporter.
Thailand’s 5% broken rice was quoted at $500-$502 per tonne - the highest since March 2021 - up from $495 per tonne last week, which traders attributed to the strengthening of the baht and robust domestic demand.
A stronger baht translates to higher export prices in US dollars. “Many rice traders and buyers are now adopting a wait-and-see approach to the market due to the strong baht,” a Bangkok-based trader said.
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