The ringgit edged up against the US dollar on Monday, supported by a weaker greenback on dovish sentiment from the US Federal Reserve on interest rates and new trade developments related to China.
At 10.20am, the ringgit was at 4.1990, up 1.39% against the US dollar from its close of 4.2560 at Friday's close.
Bank Muamalat Malaysia Bhd Chief Economist Dr Afzanizam Rashid saw the ringgit could remain positive in the near term as the US dollar is likely to remain weak, given the uncertainty over tariff policies and their impact on the US economy.
The local note has performed well against the US dollar as it rose to 4.2568, up 1.39% on Friday.
He added that the special sitting of parliament today would also be the focus of the market as they wanted to see plans to mitigate the impact of the tariff shock initiated by the administration of US President Donald Trump.
Meanwhile, globally, the Trump administration has signaled its willingness to reduce tariffs on China in the future, amid concerns about a slowdown in global trade.
However, the ringgit traded higher against its major currency group and ASEAN.
It rose against the Japanese yen to 2.9389/2.9459 from 2.9437/2.9467 at Friday's close, strengthened against the euro to 4.8133/4.8240 from 4.8297/4.8342 previously, and improved against the British pound to 5.6424/5.6550 from 5.6639/5.6692.
Against its Asean currencies, the ringgit was higher against the Singapore dollar at 3.2778/3.2857 compared to Friday's close of 3.2862/3.2898 and rose against the Thai baht to 12.8502/12.9011 from 12.8697/32.
The local currency also rose against the Philippine peso to 7.64/7.67 from 7.65/7.67 on Friday and was marginally higher against the Indonesian rupiah to 258.6/259.3 from 258.8/259.3.
