KARACHI. May 4 : Foreign reserves rose sharply 5 78 billion rupees (246 mln dlrs) In April compared with 3.75 bfl-Uon tn March and 7.52 billion In 1990. the State Bank of Pakistan said, reports Reuter.

The central bank gave no reason for the rise, but local analysts said Government's reform measures were one reason.

The reserves rose following liberalising foreign currency movement and accounts •nd Introducing US dollar bearer certificates," foreign currency dealer Mamtaz Khan said. "The reserves are likely to rise further in the coming months."

"Foreign Investors arc taking much interest in Pakistan's capital market," said Arif Habib, a member of the Karachi Stock exchange (KSE).