Limiting the numbers of ports through which rice could be exported, India's agriculture ministry has hiked the minimum export price of non-basmati rice to $650 PMT, FOB from the current price of $500 PMT.

India only allowed exports rice priced above $500 PMT in international markets on a FOB basis due to strong opposition from traders and farmer groups.

The government has also restricted the export of basmati rice to Russia, allowing only varieties above $900 PMT, FOB.