Asian Shares Sink After Silicon Valley Bank Collapse

Most Asian markets fell on Monday after the closure of two regional US banks sparked fears of contagion in the financial sector.

As per the Bloomberg report, the collapse of Silicon Valley Bank and Signature Bank made a huge impact on global finances as stocks have lost $465 billion in market value so far. The declines came after US peers tumbled, with investors questioning whether a government rescue plan for the banking system will prevent more fallout from SVB’s demise. Asian lenders have been seen as more insulated from direct risk.

Following this, the Indian rupee is expected to decline against the US dollar on Tuesday, tracking losses in Asian equities and currencies on concerns over the spillover fears after the collapse of the Silicon Valley Bank.