KARACHI, Oct 10: The cut-off yield on 12-month Treasury bills remained flat at 9.3990 per cent at an auction on Wednesday, the State Bank said.

The weighted average annual yield on the 12-month paper also came at 9.3990 per cent, unchanged from the previous sale on September 26, the central bank said.

The SBP did not receive any bids for its benchmark six-month paper or three-month bills. It was the fourth consecutive auction at which there were no bids for these tenors.

“The market is not interested in the three- and six-month T-bills as the rate for 12-month is more attractive,” said a brokerage dealer.

The central bank said it sold Rs15.48 billion worth of the 12-month paper after receiving bids worth Rs16.48 billion.

It had set a combined pre-auction target of Rs25 billion.

Settlement of the auction will take place on Thursday.

In the currency market, the rupee closed at Rs60.70/72 to the dollar, a shade firmer from the close of Rs60.71/73 a day earlier.

Dealers said the rupee is expected to stay rangebound in the near-term, as healthy dollar inflows from rising foreign investment and higher remittances from Pakistanis abroad were likely to prevent any sharp fall in the rupee.—Reuters