The Pakistani rupee Monday gained some ground against the US dollar in the interbank market after exporters wrapped their payments, improving the market’s sentiment.

Data from the State Bank of Pakistan (SBP) showed that the local currency grew Rs1.28 or 0.46% against the dollar to close at 275.29 in the interbank market, up from Friday’s close of 276.58. Meanwhile, the rupee remained stable at 283 in the open market.

During the last week, the rupee plunged to a historic low against the dollar after Prime Minister Shehbaz Sharif said that the International Monetary Fund (IMF) was giving Pakistan “a tough time”.

In a video statement, Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said that Monday was “very good” for Pakistan’s economy as the rupee was respected around 6 in the interbank market during intraday trade.

He said that the rupee’s recovery has started as the exporters, who had earlier stopped their payments, have enchased them. He added that there has been pressure to sell dollars in the interbank market.

“It is expected that the market’s sentiments will move towards betterment. The sentiments are changing as the people had [earlier] thought that the dollar would reach 300,” said the ECP’s secretary general.