Lacklustre demand, weak rupee drag down India rates
Repeats story published on Thursday with no changes to text
Asian, African buyers not active in the market - Indian dealer
Vietnam rates at $565 versus last week's $560
No concerns about supply due to good rainfall - Thai trader
By Ashitha Shivaprasad
Aug 8 (Reuters) -India's rice export prices fell this week due to sluggish demand and depreciation in the rupee to a record low, while Vietnam rates edged higher.
Top exporter India's5% broken parboiled variety RI-INBKN5-P1 was quoted at $539-$545 per ton, down from last week's $543-$551.
"Asian and African buyers are not active in the market; they are postponing purchases anticipating a drop in prices,” said a New Delhi-based dealer with a global trade house.
Indian rupee INR=IN this week depreciated to a record low, increasing exporters' return from overseas sales.
Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $565 per ton, up from $560 a week ago, traders said.
There are growing demands from Philippine clients, while exportsto the Philippines and Indonesia have increased in recent days, said a Ho Chi Minh City-based trader.
“Supplies are stable, but the quality of rice is not good due to continuous rainfall in the Mekong Delta.”
Thailand's 5% broken rice RI-THBKN5-P1 was quoted at $565 per ton, down from the $570-$575 range last week.
Prices fell on a strengthening baht and aslocal exporters could not capture demand from Indonesia, said a Bangkok-based trader, adding that exporters wouldtry to push prices upduring the next auction season, which could depress demand.
There were no concerns about supply and they have been coming outgradually due to good rainfall, the trader said.
Meanwhile, the Bangladeshi government has been struggling to control prices of the staple grain for the nation as domestic prices have stayed elevated despite good stocks.
Student protests forced Bangladesh Prime Minister Sheikh Hasina to quit and flee on Monday. The country is set to get a new, interim government headed by Nobel Peace Prize-winning economist Muhammad Yunus.
Reporting by Rajendra Jadhav in Mumbai, Chayut Setboonsarng in Bangkok, Phuong Nguyen in Hanoi and Ruma Paul in Bangladesh and Ashitha Shivaprasad in Bengaluru; Editing by Eileen Soreng
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