KARACHI, Oct 9: Pakistan’s foreign reserves rose $190 million to $8.32 billion in the week that ended on Oct 4 from the previous week, the central bank said on Thursday.

The State Bank of Pakistan said its own reserves rose to $4.87 billion from $4.68 billion previously, while those held by commercial banks were flat at $3.45 billion.

The foreign exchange reserves hit an all-time high of $16.5 billion in October last year, but have been falling since then due to weak economic fundamentals, political uncertainty and security concerns.

ADB on Sept 30 approved a $500 million loan to help Pakistan address the impact of high fuel and food prices on its people and the economy.

The loan may be reflected in the latest figures.

Analysts said the rise can also be attributed to banks being closed from Oct 1 till Oct 4 for Eid holiday.

Pakistan needs up to $3 billion of foreign capital inflows to arrive quickly if it is to meet upcoming debt obligations.

The newly-appointed finance advisor to the prime minister, Shaukat Tarin and central bank governor Shamshad Akhtar left late on Wednesday to attend the annual International Monetary Fund (IMF) meeting in Washington on Oct 13, officials said, though the government has said it is not seeking an IMF support package.

Dealers expect the rupee to remain under pressure due to import payments and lack of foreign inflows.—Reuters