(Reuters) – India has cut the floor price for basmati rice exports to $950 per metric ton from $1,200, a government source told Reuters on Thursday.
India had imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to keep a lid on local prices ahead of key state elections.
(Reporting by Mayank Bhardwaj in New Delhi; Editing by Andrew Cawthorne)
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