An analyst noted that there had also been a significant decrease in US Treasury yields.

The ringgit firmed up 185 basis points to 4.3820/4.3860 against the greenback at 9.01am from last Friday’s close of 4.4005/4.4070.

SPI Asset Management managing partner Stephen Innes said the weaker US dollar is supporting global risk-taking on market expectations that the US Federal Reserve (Fed) would ease the pace of monetary policy sooner rather than later.

“(Also), all eyes are still on China and how its reopening story continues to (filter) through domestic growth channels. As growth gradually returns to China, the ringgit should continue to strengthen,” he told Bernama.

The ringgit was traded easier against a basket of major currencies.

It declined against the British pound to 5.3057/5.3106 from 5.2159/5.2336 at Friday’s close and depreciated against the euro to 4.6717/4.6759 from 4.6254/4.6322.

The local currency also weakened versus the Singapore dollar to 3.2836/3.2871 from 3.2664/3.2717 and dropped vis-a-vis the Japanese yen to 3.3250/3.3283 from 3.2739/3.2793 previously.