KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $118 million to $10.332 billion for the period ending on May 2, announced the central bank, without disclosing the source of this inflow.

Bankers believe the rise was due to the SBP`s buying of dollars from the interbank market. It has a target of $14bn by the end of this fiscal year on June 30.

The country`s overall liguid foreign exchange reserves stood at $15.482bn, including $5.15bn held by the commercial banks.