Banking crisis brings contrasting fortunes for ringgit and Bursa FMTNews FMTBusiness
KUALA LUMPUR: The collapse of Silicon Valley Bank and Signature Bank in the US has had contrasting impact on the markets in Malaysia.
The banking crisis led to a weakening of the US dollar, helping the ringgit to open firmer against the greenback. The local currency traded at 4.4850/4.4950 to the US dollar at the start of the day, up from yesterday’s closing rate of 4.4925/4.4965. However, Bursa Malaysia took the cue from the choppy trading on Wall Street, induced by the financial crisis, to start on a negative note.
The benchmark FTSE Bursa Malaysia opened at 1,416.96 points, losing 4.87 points from yesterday’s close of 1,421.83.
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