India rice rates near 3-year low, Bangladesh considers cutting duty.

Prices of rice from top exporter India held at its lowest in nearly three years this week on low demand as a harvest gathers pace, while neighboring Bangladesh considered cutting import duty on the staple to rein in surging domestic rates. Summer-sown crop harvesting has been gathering pace, but export demand is not improving. Rising supplies have also started to push paddy prices below the government-set purchases rate of 1,835 rupees per 100 kg in many spot markets. Bangladesh, meanwhile, was considering a reduction of import duties on the staple if local prices continue to rise.