June 17, 2008	Tuesday	Jamadi-us-Sani 12, 1429

KARACHI, June 16: Short-term money rates ended at top levels on Monday amid a lack of cash inflows and banks had to borrow from the central bank’s discount window.

Overnight rates ended at 11.90 per cent, unchanged fromSaturday’s close, and just below the 12 per cent discount rate at which banks borrowed Rs14.357 billion.

“Rates are likely to stay high but the market is also waiting for the T-bill auction this week,” said a brokerage house dealer.

A Treasury bill auction is scheduled for June 18 with a target of Rs20 billion.

Dealers said there were inflows of Rs12.3 billion from maturing government securities scheduled for June 19.

In the currency market, the rupee weakened slightly onMonday and quoted at 66.80/ 67.00 to the dollar, compared with Saturday’s close of 66.50/70.—Reuters