SBP reserves dip $ 724 mn to $ 7.7bn.

• Position: State Bank of Pakistan

The foreign exchange reserves held by the central bank plunged 8.54percent on a weekly basis, slipping below the $8-billion mark, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan's ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On September 27, the foreign currency reserves held by the...