Rice export prices in India slumped this week as the rupee fell and demand remained weak with buyers expecting further dips, while low supplies and the prospect of a new deal with the Philippines pushed up prices for the Vietnamese variety.
In top exporter India, rates for the 5 percent broken parboiled variety fell by $5 to $371-$375 per tonne this week, the lowest in 17 months.
"Rates are down due to the rupee and weak demand. Buyers are postponing purchases expecting further falls in prices," said an exporter based at Kakinada in the southern state of Andhra Pradesh.
The Indian rupee has fallen 13 percent so far in 2018 and hit a record low on Wednesday, increasing exporters margins.
In Vietnam, however, rates for benchmark 5 percent broken rice rose to $400-$405 a tonne from $397-$403 last week on tight supplies and rising demand.
"The Philippines is about to announce a plan to buy an extra 133,000 tonnes, while supplies are running low," a Ho Chi Minh City-based trader said.
Meanwhile, the World Economic Forum held in Hanoi from Sept. 11 to 13 saw Cambodian Prime Minister Hun Sen encouraging the Mekong region to establish an association of rice exporting countries.
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