At 6 pm, the local note traded marginally better at 4.4190/4240 versus the greenback compared with last Friday’s closing rate of 4.4250/4305.
Bank Muamalat Malaysia Bhd chief economist and social finance Dr Mohd Afzanizam Abdul Rashid said this was because attention had shifted towards the banking sector in the United States and Europe as central banks had slowed their interest rate hikes.
"It seems that the situation is contained given the willingness of third parties to take over the affected banks,” he told Bernama.It was reported last week that bank borrowings in the Fed discount window rose sharply to US$117 billion, higher from the previous week’s level of US$32 billion and surpassing the US$112 billion recorded during the subprime mortgage crisis.
"I believe the risk-off mode is still quite visible at the moment. Perhaps markets are awaiting more clarity on how the issue could play out," he said. "That is very steep and certainly it may have repercussions on economies as businesses may need to contend with higher borrowing costs.
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