Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Saturday (March 19, 2005).
DAILY MONEY MARKET COMMENTS: Today morning the money market rates were indicated between the bids and offer range of 2.00% - 4.00%. Few Repo deals were seen at the level of 4.00%. As the day progressed, the gap between bids and offer narrowed down and the first Repo deal was witnessed at the level of 4.00%. Most of the overnight Repo deals were done in between the range of 5.50% - 6.00%. There are very few banks who borrowed in overnight Repo at 7.00%.
However in clean & call placements the overnight interest rates were 8.00% - 10.00%. At the end of the day the interbank overnight rates came down and was seen at the level of 3.00% - 3.50% and closed at the same levels. Keeping in view today's money market we believe that tomorrow money market will remain on the same levels because there is no inflow or outflow from the market.

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Repo Rates (Yield p a)

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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average

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Overnight   2.00       5.50       4.00        6.00           4.38

1-Week      4.25       4.50       4.75        5.00           4.63

2-Week      4.50       4.75       5.00        5.25           3.50

1-Month     4.50       4.75       4.75        5.25           4.81

2-Months    4.60       4.90       5.00        5.50           5.00

3-Months    4.75       5.00       5.00        5.50           5.06

4-Months    4.75       5.25       5.50        5.75           5.31

5-Months    5.00       5.25       5.75        6.25           5.56

6-Months    5.25       5.50       5.75        6.00           5.63

9-Months    5.50       5.80       6.25        6.75           6.08

1-Year      6.00       6.25       6.75        7.00           6.50

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Call Rates (Yield p a)

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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average

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Overnight   5.00       5.50       6.00        6.50           5.75

1-Week      5.25       5.50       6.00        6.25           5.75

2-Week      5.00       5.25       5.50        5.75           5.38

1-Month     4.75       5.00       5.25        5.50           5.13

2-Month     5.00       5.25       5.50        5.75           5.38

3-Month     6.00       6.25       6.50        6.75           6.38

4-Month     6.25       6.50       6.75        7.00           6.63

5-Month     6.30       6.60       6.80        7.10           6.70

6-Month     6.40       6.60       7.00        7.25           6.81

9-Month     6.50       6.75       7.20        7.50           6.99

1-Year      6.60       6.80       7.25        7.50           7.04

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5  Years    5.40       5.55

0.6-1.0  Years    5.90       6.10

1.1-1.5  Years    6.05       6.25

1.6-2.0  Years    6.30       6.45

2.1-2.5  Years    6.40       6.50

2.6-3.0  Years    6.55       6.65

3.1-3.5  Years    6.85       7.00

3.6-4.0  Years    7.05       7.20

4.1-4.5  Years    7.15       7.30

4.6-5.0  Years    7.30       7.40

5.6-6.0  Years    7.85       8.00

6.1-6.5  Years    7.90       8.05

6.6-7.0  Years    8.00       8.15

7.1-7.5  Years    8.03       8.17

7.6-8.0  Years    8.05       8.20

8.1-8.5  Years    8.05       8.17

8.6-9.0  Years    8.10       8.20

9.1-9.5  Years    8.10       8.20

15       Years    9.20       9.25

20       Years   10.20      10.25

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FIB Secondary Market Data

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Maturity       Yield        Range

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0.1-0.5 Years   5.50         5.75

0.6-1.0 Years   6.00         6.25

1.1-1.5 Years   6.20         6.40

1.6-2.0 Years   6.40         6.60

2.1-2.5 Years   6.50         6.75

2.6-3.0 Years   6.65         6.80

3.1-3.5 Years   6.95         7.20

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Clean Deposit Market

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Tenor          Range      (% p a)

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01 Month        7.00         7.50

03 Months       6.50         7.00

06 Months       7.25         7.75

12 Months       7.75         8.25

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T-Bill Secondary Market Data

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3 Months, 6 Months &

12 Months Instruments

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Days to Maturity    Yield Range %

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0-7 Days                4.40-4.55

8-15 Days               4.55-4.65

16-30 Days              4.60-4.75

31-60 Days              4.70-4.80

61-90 Days              4.85-4.95

91-120 Days             5.00-5.10

121-180 Days            5.25-5.35

181-270 Days            5.50-5.60

271-365 Days            5.75-5.90

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            59.53        59.58

EUR            79.50        79.80

GBP           114.50       114.80

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