Rice export prices in India, the world’s leading exporter, continued downtrend due to weaker demand . India's 5 percent broken parboiled variety fell to around $375-$378 per tonne this week from last week’s $377-$380 range.
Demand is weak from African, as well as Asian buyers, even after reducing prices. The aggressive selling of old inventories by China to African buyers was also weighing on prices, industry sources told Reuters.
A dip in the rupee, which fell to a seven-week low on Thursday, was another factor prompting exporters to cut prices.
India’s rice exports for April-February dropped 9.4 percent from a year earlier to 10.57 million tonnes, as leading buyer Bangladesh trimmed its purchases due to a bumper local harvest, a government body said.