The dollar rose after dipping to new all-time lows against the euro on Friday as a report of bigger than expected job losses took a back seat to a plan by the Fed to give additional loans to banks.

The Federal Reserve announced that it could provide as much as $200 billion to the banking system to help ease a liquidity crisis at banks that has significantly slowed the economy.

The Fed's move boosted speculation that it will cut interest rates this month.

Earlier in the day, the dollar fell as the U.S. Labor Department reported that the country lost 63,000 jobs in February after a loss of 22,000 jobs the previous month. Recent economic reports show that. A survey by Bloomberg had estimated a median figure of 23,000.

The dollar reached $1.5459 per euro, the lowest it has been since the euro began trading in 1999. However the U.S. currency recovered to trade at $1.5348 per euro at 3:14 p.m. in New York compared to $1.5380 late yesterday.

The dollar traded at 102.72 yen from 102.67 yesterday, after dipping to 101.43, the lowest since 2000.

European union