Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Thursday (June 02, 2005).
DAILY MONEY MARKET COMMENTS: Today morning the money market rates were indicated between the bids and offer range of 1.00% - 1.50%. As the day progressed, the gap between bids and offers narrowed down and first repo deal was witnessed at the level of 1.50%. SBP conducted OMO for 2 weeks and mopped up Rs 2.0 billion @ 5.25% against the total participation of Rs 4.10 billion. Few repo deals were seen at the level 2.00% before the OMO result. Just after the OMO result first repo deal was witnessed at the level of 1.00%. Most of the overnight repo deals were done in between the range of 0.50% - 1.00%. However in clean & call placements the overnight interest rates were 2.00% - 2.50%. At the end of the day the interbank overnight rates were seen at the levels of 0.50% - 1.00% and closed at the same levels.

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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   0.50       1.50       0.75        2.00           1.19

1-Week      3.50       3.75       4.00        5.25           3.88

2-Week      4.50       4.75       5.00        4.25           4.88

1-Month     6.00       6.25       6.50        6.75           6.38

2-Months    6.25       6.50       6.75        7.00           6.63

3-Months    6.50       6.75       7.00        7.25           6.88

4-Months    6.75       7.00       7.25        7.50           7.13

5-Months    7.00       7.25       7.50        7.75           7.38

6-Months    7.25       7.50       7.75        8.00           7.63

9-Months    7.50       7.75       8.00        8.25           7.88

1-Year      7.75       8.00       8.25        8.50           8.13

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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   1.00       2.00       1.50        2.50           1.75

1-Week      4.00       4.25       4.25        4.75           4.31

2-Week      5.00       5.25       5.50        5.75           5.38

1-Month     6.50       6.75       7.00        7.25           6.88

2-Months    6.75       7.00       7.25        7.75           7.19

3-Months    7.00       7.25       7.50        8.00           7.44

4-Months    7.25       7.50       7.75        8.25           7.69

5-Months    7.50       7.75       8.00        8.50           7.94

6-Months    7.75       8.25       8.50        8.75           8.31

9-Months    8.00       8.20       8.50        8.75           8.36

1-Year      8.25       8.50       8.75        9.00           8.63

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PIB Secondary Market Data

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Maturity         Yield      Range

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0.1-0.5 Years     8.00       8.20

0.6-1.0 Years     7.85       8.10

1.1-1.5 Years     8.45       8.70

1.6-2.0 Years     8.60       9.95

2.1-2.5 Years     8.80       9.00

2.6-3.0 Years     8.85       9.10

3.1-3.5 Years     9.10       9.25

3.6-4.0 Years     9.15       9.40

4.1-4.5 Years     9.25       9.60

4.6-5.0 Years     9.30       9.60

5.6-6.0 Years     9.55       9.85

6.1-6.5 Years     9.60       9.90

6.6-7.0 Years     9.80       9.95

7.1-7.5 Years     9.70      10.00

7.6-8.0 Years     9.80      10.10

8.1-8.5 Years     9.80      10.00

8.6-9.0 Years     9.90      10.00

15 Years         11.50      11.90

20 Years         12.50      12.90

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FIB Secondary Market Data

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Maturity       Yield        Range

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0.1-0.5 Years   8.10         8.30

0.6-1.0 Years   7.95         8.20

1.1-1.5 Years   8.55         8.80

1.6-2.0 Years   8.70         9.05

2.1-2.5 Years   8.90         9.10

2.6-3.0 Years   8.95         9.20

3.1-3.5 Years   9.20         9.35

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Clean Deposit Market

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Tenor          Range      (% p a)

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1 Month         7.50         8.00

3 Months        8.50         9.00

6 Months        9.00         9.50

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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                4.25-4.50

8-15 Days               5.15-5.25

16-30 Days              6.25-6.40

31-60 Days              6.75-6.90

61-90 Days              7.00-7.25

91-120 Days             7.20-7.50

121-180 Days            7.50-7.70

181-270 Days            7.60-7.80

271-365 Days            7.90-8.10

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Kerb Market FX Rate

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Currency        Bid         Offer

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USD            60.75        60.85

EUR            74.50        74.80

GBP           110.50       110.80

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