OUR CORRESPONDENT, THE HINDU BUSINESS LINE
KARNAL, MAY 10:
The rupee's fall against the dollar has raised the hopes of rice exporters. The Indian rupee has fallen nearly 20 per cent against the dollar in the last one year.
Exporters are likely to take advantage of the situation by offering the foodgrain at competitive prices in view of the favourable trade exchange rate, said market analysts.
The rupee now is trading around Rs 54 to the dollar. In the last fiscal, nearly 4.2 million tonnes of non-basmati rice were exported, making India the second highest rice exporter. The landmark has been achieved despite exports being allowed from September only. Another two million tonnes are expected to be exported by June.
The Union Government is likely to release more stocks now since warehouses are running out space to store foodgrains, analysts said.
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