Saudi Riyal Deposits Steady in Dull Market

Saudi riyal interbank deposits were mainly steady at yesterday"s higher levels in a market which saw little activity due to the European weekend, dealers said.

They said banks in the kingdom offered two and three month deposits 1/16 of a percentage point lower, but there were few takers.

Rates for short-dated and other fixed period funds were little changed following their sharp rise on Saturday brought on by higher eurodollar deposit rates.

Spot-next and one-week deposits were relatively unchanged at 6-3/4, 1/2 pct.

One-month deposits were steady at 6-3/4, 1/2 pct while three-month funds eased to 6-7/8, 5/8 pct from 6-15/16, 11/16.

Six-month deposits also declined marginally to 7-5/16, 7-1/8 pct from quotes of 7-3/8, 1/8 at the close of trade on Saturday.

The spot riyal was steady at 3.7499/7504 to the dollar.