Less volatile ringgit?

The U.S. dollar fell 0.5 percent against a basket of currencies after rallying for six consecutive days, as investors looked to book profits. The yen rebounded 0.7 percent against the dollar, halting declines against the greenback as Japan has threatened to intervene on its currency.

PETALING JAYA: The new mechanism to determine the ringgit’s value based on volume traded would minimise the chances of collusion among banks to fix the Malaysian currency at a rate that does not reflect its fundamentals.

It will also enhance the integrity of the rate-setting process.