The Pakistani rupee experienced slight stability against the US dollar, appreciating by 0.01% in the interbank market during Tuesday’s early trading session.

As of 10am, the rupee was trading at 279.65, reflecting a gain of Re0.02 against the dollar.

The currency market was closed on Monday on account of a bank holiday.

Shares at the Pakistan Stock Exchange’s benchmark index fell by more than 100 points in the intraday trade on Tuesday.

Globally, the US dollar remained weak while the British pound approached a 1.5-month high and the euro remained strong as European leaders prepared a Ukraine peace plan to present to Washington.

Bitcoin backpedaled on Monday after an early rise following US President Donald Trump’s weekend proposal for a national strategic reserve of cryptocurrencies.

Investors became significantly more risk-averse after US President Donald Trump announced that 25% tariffs on Canada and Mexico would take effect at 05:01 GMT on Tuesday, along with a doubling of tariffs on China to 20%. As a result, the Canadian dollar and Mexican peso fell sharply, while China’s yuan recovered slightly from its lowest level since February 13 in offshore trading.

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Oil prices, an important indicator of currency parity, declined on Tuesday following President Trump’s decision to pause military aid to Ukraine and as markets prepared for the upcoming US tariffs on Canada, Mexico, and China.

By 01:49 GMT, Brent futures had dropped by 54 cents, or 0.75%, to $71.08 a barrel, while US West Texas Intermediate (WTI) crude fell by 36 cents, or 0.53%, to $68.01.