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The Economic Times

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Basmati prices may fall 510% as Strait of Hormuz closure hits exports

After the interim (US-Iran) peace deal was announced, exporters started buying basmati rice in good quantities for shipment to the Middle East and prices surged 15-20%. But this sudden announcement will bring down prices, said Dev Garg, vice-president, Indian Rice Exporters Federation.

22 Jun 2026 12:18 am