UPDATE 1-Pakistani forex reserves fall by $690 mln to $8.13 bln

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KARACHI, Oct 4 (Reuters) - Pakistan's foreign reserves fell $690 million to $8.13 billion in the week that ended on Sept. 27 from $8.82 billion the previous week, the central bank said on Saturday.

The State Bank of Pakistan said its own reserves fell to $4.68 billion from $5.41 previously, representing a little over two months of import cover.

Reserves held by commercial banks marginally rose to $3.45 billion from $3.41 billion.

According to central bank data, a debt repayment of $277 million was due in September which analysts said could be part of the fall witnessed in the latest week to be reported.

The foreign exchange reserves hit an all-time high of $16.5 billion in October last year. but have been falling since due to weak economic fundamentals, political uncertainty and security concerns.

Last week, Asian Development Bank (ADB) approved a $500 million loan on Tuesday to help Pakistan address the impact of high fuel and food prices on its people and the economy. The loan would be reflected in the coming week's figures and analysts said they could see a marginal rise as banks were closed from Oct. 1 till Oct. 4 for the Eid holiday, marking the end of the Muslim fasting month of Ramadan.

Pakistan is also struggling with inflation at more than 25 percent and a widening current account deficit.

Sakib Sherani, a bank economist who is serving on the prime minister's economic advisory council, said last week the country faced a total financing gap of $7 billion to cover a projected current account deficit of $14 billion for the fiscal year ending on June 30, 2009.