India's rice export prices rose slightly from a near seven-month low this week as exporters were forced to raise prices due to the stronger currency even demand was subdued.
India’s 5 percent broken parboiled variety was quoted around $364-$367 per tonne, up from last week’s $362-$365, according to Reuters.
A strong rupee reduces exporters’ margin from overseas sales.
India’s neighbour Bangladesh raised import duty on the staple to 55% from 28%, officials said on Thursday, amid widespread protests by farmers over a drastic dip in domestic rates.
The new tax rates would further curb rice imports, especially from India, which emerged as the biggest supplier to the South Asian country in 2017 after floods destroyed its crop.