Export costs for cereal declined in the week thanks to a depreciation within the rupee and sluggish demand from consumers in Africa.
Prices for top-exporter India’s five % broken parboiled selection fell to around $377-$381 per MT in the week from $381-$384 last week, Reuters reportable.
The Indian monetary unit (INR) suffered sharp losses against the North American country dollar (USD) amid a turmoil in each world equity and currency markets. The rupee on Monday fell to seventy.74 against the North American countrydollar, as compared to its previous shut of sixty nine.60 a dollar – its biggest one-day fall in nearly six years.
India’s rice exports are doubtless to fall to their lowest in seven years, trade officers told Reuters, on weak demand from Africa and as shippers absorb the dearth of presidency incentives that supported previous sales.
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