March 10, 2009

India corn futures rose Monday (Mar 9) as a weaker rupee spurred export demand, analysts said.

Some East Asian buyers are looking at India again as the falling rupee makes Indian corn cheaper, according to a trader.

The rupee has dropped about 5 percent so far this year, hitting a record low of 52.20 per dollar last week.

India has exported about 300,000 tonnes of corn so far in 2008-09 marketing year that began in October.

Most-active April futures NMZJ9 on the National Commodity and Derivatives Exchange ended at Rs845.5 (US$16.4) per 100 kg, up 1.38 percent.