Rupee Rolls Up, Rice Tags Along: India's Grain Game Gets Pricier

Image Source: The Economic Times

Market Pulse
Indian rice prices edged up for the second consecutive week, supported by a stronger rupee despite poor foreign demand.

Price Movement Snapshot

India's 5% broken parboiled rice currently trades from 382 to 387 dollars a ton, higher than the previous week's 380 to 386

Same grade white rice is traded between 375 and 381 dollars per ton

Exporters blame a volatile rupee, which appreciated over 1 percent this week, as the main driving factor for pushing prices higher

Supply Dynamics

India's rice stockpiles, both unmilled paddy and milled rice, reached a record 59.5 million metric tons as of June 1

This is well ahead of the government's July 1 goal of 13.5 million tons, underpinning strong domestic supply

Regional Trends

Vietnam and Thailand saw their rice prices declining due to oversupply and weak demand

Bangladesh continues to face high domestic prices of rice despite adequate supplies

Sources: Reuters, Economic Times, India Today, Inquirer.net, Rice News Today