Dollar Bounces Back

The dollar surged against most major currencies Monday, rebounding from a record low vs. the Japanese yen during Asian dealings, as sentiment grew that the currency’s decline has been overdone in recent weeks.

Analysts said the dollar rallied as the market tried to correct the sharp drop overnight that sent the U.S. currency down to 80.15 yen, its lowest level since modern exchange rates were established in the late 1940s.

“We’ve entered a corrective phase,” said Peggy Reed, vice president at Credit Agricole in New York. “The market is trying to take back some dollars and push the currency up a bit.”

In late New York trading, the dollar was quoted at 83.90 yen, up from 83.65 late Friday.

Canada .7245 1.3802 France .2031 4.9245 Germany .7066 1.4152 Great Britain 1.5886 .6295 Italy .000579 1728.00 Japan .011888 84.12 Mexico .159490 6.2700