KARACHI, Oct 11: About $500 million flushed out of the country’s foreign exchange reserves within a week making the local currency shakier.

The State Bank on Thursday reported that the total foreign exchange reserves dropped to $14.406 billion during the week ended on October 5 from $14.9 billion on September 28, showing an outflow of $494 million.

The State Bank reserves witnessed a decline of $441 million during the week while that of commercial banks fell by $52 million.

The State Bank said the fall was due to payment to IMF ($109 million) and other debt payments scheduled during the week.

The decline in foreign exchange reserves amid lack of dollar inflows has started impacting the dollar-rupee exchange rate parity.