SAUDI RIYAL DEPOSITS SURGE ON U.S. RATE RISE Saudi riyal interbank deposit rates surged across the board as banks tried to build long positions in anticipation of a further rise in U.S. Interest rates, dealers said. They said traders expected riyal deposits to follow the recent strong rise in eurodollar rates sparked by fears of a tighter U.S. Monetary policy to halt the dollar's slide. "There was a wave of panic buying early in the morning as people tried to cover gaps and build long riyal positions," said one dealer. As a result, riyal deposits were strongly bid and traders scrambled for any available offers. One-way trade focused mainly on the fixed periods but short dates also rose, dealers said. Spot-next and one-week deposits climbed to 6-5/8, 1/8 pct from 6-3/8, six on Sunday. One-month deposits rose to 6-1/2, 3/8 pct from 6-1/4, six and three-month deposits climbed to 6-3/4, 5/8 pct from 6-9/16, 7/16. Six-month deposits also firmed to 7-1/8, seven pct from 7-1/16, 6-7/8 on Sunday. The spot riyal was steady at 3.7500/03 to the dollar after quotes of 3.7498/7503 yesterday.