ISLAMABAD, Sept 5: The foreign exchange reserves fell to $8.89 billion as of Sept 3, down from $9.13 billion on Aug 30, the Finance Ministry said, as the rupee remained under pressure having lost almost 20 per cent against the dollar this year.

The central bank’s reserves fell to $5.5 billion from $5.76 billion, while those held by commercial banks rose slightly to $3.38 billion from $3.37 billion, the ministry’s finance division said in a note to media received by Reuters on Friday.

Pakistan’s foreign reserves hit a record high of $16.5 billion in October last year but have since been depleted by high payments for oil imports, and foreign investors withdrawing money because of the country’s political uncertainty.—Reuters