{"id":5960,"date":"2023-07-25T09:51:35","date_gmt":"2023-07-25T09:51:35","guid":{"rendered":"https:\/\/ricenewstoday.com\/dev\/?p=5960"},"modified":"2023-07-26T09:52:03","modified_gmt":"2023-07-26T09:52:03","slug":"basmati-rice-export-to-get-a-boost-from-india-uae-currency-trade-2","status":"publish","type":"post","link":"https:\/\/ricenewstoday.com\/dev\/basmati-rice-export-to-get-a-boost-from-india-uae-currency-trade-2\/","title":{"rendered":"Basmati rice export to get a boost from India-UAE currency trade\u00a0"},"content":{"rendered":"\n<p>Business with Iran too will benefit<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/07\/image-37-1024x576.png\" alt=\"\" class=\"wp-image-5961\" srcset=\"https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/07\/image-37-1024x576.png 1024w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/07\/image-37-600x338.png 600w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/07\/image-37-300x169.png 300w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/07\/image-37-768x432.png 768w, https:\/\/ricenewstoday.com\/dev\/wp-content\/uploads\/2023\/07\/image-37.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Basmati exporters are hopeful of steady returns after the UAE-India currency trade agreement. This will likely give a boost to Iran window via Dubai reducing the risk of a payment default. Iran is an important destination of Indian Basmati, remaining among the top five destinations.<\/p>\n\n\n\n<p>Basmati rice shipments increased to 4.56 million tonnes (mt) worth $4.79 billion (\u20b938,524 crore) during the 2022-23 fiscal from 3.94 mt in 2021-22. The unit value realisation from export went up last year to $1,050 a tonne from $897 in 2021-22. Besides, global uncertainties due to Ukraine-Russia conflict, partial restrictions on the export of non-Basmati rice \u2014 ban on broken variety and 20 per cent duty on non-parboiled rice \u2014 also had some influence over Basmati prices.<\/p>\n\n\n\n<p>\u201cBusiness with Iran will definitely get a boost,\u201d said Vijay Setia, a former president of All India Rice Exporters Association (AIREA) referring to the current trade agreement. He said Iranian businessmen sitting in UAE prefer barter as they have establishments in both countries. \u201cCurrently, many Iranian businessmen are facing problems to clear payments despite the rupee trade in place. With the new agreement, re-export of Basmati to Iran from Dubai will increase,\u201d Setia said.<\/p>\n\n\n\n<p>Under the agreement between the RBI and the UAE Central Bank, both the agencies will establish a framework to promote the use of local currencies (rupee and dirham) for cross-border transactions. Another MoU, also between the two central banks, is aimed at interlinking the \u201cpayment and messaging systems\u201d.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Less fluctuations<\/h5>\n\n\n\n<p>When currency (USD) appreciates, exporters face loss and when it depreciates, there is gain. By shifting to local currency such fluctuations can be avoided, which is very important for Basmati trade, said Vinod Kaul, executive director of AIREA.<\/p>\n\n\n\n<p>\u201cTransaction will definitely become much easier. However, it is too early to get a clear picture as the agreement has just been announced,\u201d he said. There are several more steps to be decided including nominating a bank or more than one bank, opening Vostro account and also setting up a corpus, he said.<\/p>\n\n\n\n<p>Further, Kaul said the risk of payment default (from Iran) will likely reduce. \u201cExports will be fast-tracked and possibility of higher shipments to Iran will always be there,\u201d he added.<\/p>\n\n\n\n<p>The export of Basmati rice to UAE was 3,15,313 tonnes and to Iran was 9,98,879 tonnes in 2022-23.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business with Iran too will benefit Basmati exporters are hopeful of steady returns after the UAE-India currency trade agreement. This will likely give a boost to Iran window via Dubai reducing the risk of a payment default. Iran is an important destination of Indian Basmati, remaining among the top five destinations. Basmati rice shipments increased [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[176],"tags":[215,46,167],"class_list":["post-5960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-basmati-rice","tag-asian-rice","tag-indian-rice"],"acf":{"enable_premium_overlay":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Basmati rice export to get a boost from India-UAE currency trade\u00a0 - Rice News Today<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Basmati rice export to get a boost from India-UAE currency trade\u00a0 - Rice News Today\" \/>\n<meta property=\"og:description\" content=\"Business with Iran too will benefit Basmati exporters are hopeful of steady returns after the UAE-India currency trade agreement. 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