KARACHI, Oct 4: Pakistan’s foreign exchange reserves improved, but dollar jumped to a record high against rupee on Thursday.

According to State Bank figures, foreign exchange reserves increased by $59 million to $14.9 billion, giving a positive signal to the market.

However, exchange rate market reacted negatively as dollar gained further against the rupee to set a new record.

Dealers at the inter-bank market said US dollar was traded at Rs95.35 which was a record high. They said reason for higher price of dollar was the higher demand in the market. They said reserves might see some improvement since the remittances sent by overseas Pakistanis would increase due to Eid season.