Dollar Rides Same Seesaw As Dow

The dollar dropped then rebounded Friday, echoing the seesaw behavior of stocks and bonds after Federal Reserve Chairman Alan Greenspan spooked the markets by wondering if they are overvalued.

The gyrations left the dollar mixed by day’s end, but little changed from levels 24 hours earlier.

“We had a pretty volatile day,” said Frank Conte, chief trader at Royal Bank of Canada’s New York branch. “Greenspan came out of left field and that’s basically what drove us today.”

Late Friday the dollar cost 1.5463 marks, down from 1.5516 Thursday. The dollar cost 112.89 yen, up from 112.46. The British pound cost $1.6466, up from $1.6332.