April 02, 2008	Wednesday	Rabi-ul-Awwal 24, 1429

KARACHI, April 1: Short-term money rates fell on Tuesday but dealers expect them to remain range-bound for the rest of the week amid lack of inflows.

Overnight call rates ended at 8.5 per cent, down from Monday’s close of 9.5 per cent.

“Rates are likely to remain in the same band of eight to 9.5 per cent as there are no major inflows,” said a brokerage dealer.

Dealers said there were inflows of Rs19.8 billion from maturing government securities on Tuesday and an outflow of Rs22.8 billion from maturing reverse repo agreements on the same day.

Dealers said the next inflows were scheduled for April 5 of Rs9 billion from maturing government securities against an outflow of Rs9.3 billion.

In the currency market, the rupee eased slightly to 62.74/79 to dollar compared with Monday’s close of 62.70/76.

However, dealers said the rupee was likely to remain stable in the near-term as inflows of foreign investment and higher remittances from Pakistanis abroad were likely to prevent a sharp decline.—Reuters