The Malaysian ringgit (RM) opened flat against the US dollar and it moved significantly positive in early trading on Monday.
The market expects the ringgit to continue its strengthening following the hope that US rate cuts will continue to gain momentum.
At 10.15am, the ringgit was at 4.6400 against the US dollar from 4.6550 at the close last Friday.
Bank Muamalat Malaysia Bhd's Chief Economist, Dr Afzanizam said the expected drop in US interest rates will be fully fueled at the Federal Open Market Committee (FOMC) meeting early Thursday morning this week.
The local market is predicted to see high support for the ringgit throughout Monday.
He also said that the market is monitoring the next steps of the Bank of Japan (BoJ) as it begins the latest quantitative tightening measures on July 31.
Meanwhile, the ringgit started trading mostly lower against a group of major currencies.
The local currency gained against the euro at 5.0516/5.0581 from Friday's close of 5.0530/5.0590, rose slightly against the British pound at 5.9887/5.9964 from 5.9901/5.9971 last week and eased against the Japanese yen at 3.0200/3.0241 from 3.0176/3.0214 previously.
At the same time, the ringgit traded mixed against Asean currencies.
The domestic unit eased against the Singapore dollar to 3.4659/3.4706 from 3.4641/3.4684 on Friday and weakened against the Thai baht to 12.9525/12.9764 from 12.9069/12.9268 previously.
The local currency was unchanged against the Indonesian rupiah at 285.5/286.0 from 285.5/286.0 last Friday and remained unchanged against the Philippine peso at 7.97/7.99 previously.
