BENGALURU, BANGKOK, MUMBAI, HANOI AND DHAKA: Indian rice export prices rose to a near one-month high this week, supported by a modest uptick in demand and a rebound in the rupee from record low levels, while rates in other major hubs like Thailand and Vietnam remained unchanged.

India’s 5percent broken parboiled variety was quoted this week at USD353-USD359 per ton, its highest since January 8, and up from USD351-USD356 last week. Indian 5percent broken white rice was priced at USD351 to USD356 per ton this week.

The rupee has sharply appreciated over the past week, forcing exporters to revise the dollar prices they quote, said a Mumbai-based trader.

The Indian rupee appreciated more than 1percent this week, reducing traders’ returns from overseas sales. Vietnam’s 5percent broken rice was offered at USD360-USD367 per metric ton on Thursday, unchanged from a week ago, according to traders.

“Though the Philippines has resumed its rice purchases, we don’t expect it will buy at levels seen at the same time last year,” a trader based in Ho Chi Minh City said. Preliminary shipping data showed 259,000 tons of rice were loaded at ports in southern Vietnam in January, with most of the rice heading to the Philippines and Malaysia.

Thailand’s 5percent broken rice remained at USD390 to USD400 per tonne, the same level as last week.—Reuters