Emerging-market currencies gained on Monday as traders increased bets that the Federal Reserve and other major central banks will cut interest rates further. The move pushed money toward higher-yielding assets, giving currencies in countries such as Brazil, South Africa and Indonesia a lift.

The rally reflected a broader shift in investor sentiment, with markets increasingly focused on how lower borrowing costs could improve risk appetite. When rates fall in developed markets, some investors look for better returns in emerging economies, where yields are often higher.

Brazil’s real, South Africa’s rand and Indonesia’s rupiah were among the currencies that benefited from the latest wave of buying. Analysts said the gains were tied more to expectations about policy easing than to any single domestic development in those countries.

Still, the outlook remains sensitive to central bank decisions, inflation data and global growth concerns. If policymakers move more slowly than traders expect, the recent surge in emerging-market currencies could lose momentum.