Forex reserves lower by $148.5 million

Pakistan's foreign exchange reserves fell to $14.12 billion in the week that ended on November 14 compared with $14.26 billion the previous week, the State Bank of Pakistan (SBP) said on Thursday.Reserves held by the SBP were $10.49 billion, compared with $10.7 billion a week earlier, while those held by commercial banks were at $3.62 billion, up $58.4 million.Foreign reserves hit a record high of $16.5 billion in October 2007, but fell steadily to $6.6 billion by November last year -- largely because of a soaring import bill.