A depreciating rupee pushed export prices of rice from India to their lowest in seven weeks on Thursday despite healthy demand from African countries, while lower purchases from the Philippines weighed on rates for the Vietnamese grain.
Top exporter India's 5 percent broken parboiled variety was quoted around $372-$375 per tonne this week, down from $374-$377 a week ago.
"A falling rupee has been allowing us to lower export prices. Demand has also been improving," said an exporter based at Kakinada in the southern state of Andhra Pradesh.
The Indian rupee on Thursday fell to its lowest in over eight months, raising exporters' margins.
Farmers have planted rice on 30.14 million hectares as of Aug. 16, against 33.84 million hectares at the same time last year, government data showed.
India's rice exports in April-June dived 28.2% from a year ago to 2.35 million tonnes. In Vietnam, rates for 5% broken rice eased to $335-$340 a tonne from $335-$345 last week on weak demand.
Buyers from the Philippines have reduced their purchases from Vietnam while awaiting a possible curb on rice imports to support local farmers, a Ho Chi Minh City-based trader said.
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