Following the depletion of the West Asian nation's rupee reserves in recent weeks, India faces the possibility of losing one of its largest markets for basmati rice exports, Iran, people familiar with the matter said on 28th June 2023.

While import prices for palm oil unexpectedly increased in late June 2023 in response to changes in the local foreign exchange market, export prices for rice and pulses are both significantly declining.

Located in Asia, India is the largest sugar producer and second-largest sugar exporter in the world. The Asian nation ranks behind Brazil in global sugar trade and bumper sugar production helps the country export bulk sugar every year.