Amadeusz Juskowiak

Saudi riyal deposit rates ease

Saudi riyal interbank deposit rates eased across the board in a dull market which was long in daytoday funds dealers said

Todays quiet market continued a lull of several days in which traders were said to be waiting on the sidelines ahead of further clues to the direction of oil prices and the Saudi economy

Dealers cited some borrowing interest in two three and sixmonth deposits but said activity focused on short dates and onemonth deposits as banks tried to lend surplus funds

Spotnext was put at 534 514 pct down from six 512 yesterday while oneweek rates were steady at six 512 pct

Onemonth deposits declined to 614 18 pct from 612 14 on Monday while three months was barely changed at seven 61516 pct

The spot riyal was little changed at 3750103 to the dollar after quotes of 374987501 yesterday