Pakistan''s foreign exchange reserves fall below $8 billion

The country''s foreign exchange reserves plunged by 571.9 million dollars to 7.7497 billion dollars, during last week that ended on October 11. The State Bank of Pakistan on Thursday said the country''s foreign exchange reserves have declined to 7.7497 billion dollars during the week ended on October 11, against 8.3216 billion dollars a week earlier.
The major decline has been witnessed in the State Bank''s reserves, which declined by 530.9 million dollars to 4.3353 billion dollars in a week. These reserves stood at 4.8662 billion dollars on October 4, 2008. The reserves held by banks also show a negative trend during the week as overall reserves stood at 3.4144 billion dollars as compared to 3.4554 billion dollars a week earlier, depicting a decrease of 41 million dollars.