KARACHI, March 6: Pakistan’s short-term money rates ended firm at top levels on Thursday in the absence of any major cash inflows, dealers said.

Overnight call rates ended at 10.40 per cent, unchanged from

Wednesday’s close, and just below the discount rate of 10.50 per cent.

“The next inflow and the T-bill (Treasury bill) auction is next week, therefore rates are likely to remain at the current level tomorrow as well,” said a brokerage dealer.

Dealers said there were inflows of Rs28 billion scheduled for March 13 from maturing government securities.

The T-bill auction is scheduled for March 12 and its target is expected to be announced on March 10.

In the currency market, the rupee was firmer at 62.75/80, compared with Wednesday’s close of 62.86/89.

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.

The rupee hit 63.11/14 on February 16, its weakest level in more than six years, but started recovering when sentiment was lifted by a smooth election on February 18.—Reuters