The U.S. dollar staged a strong comeback Tuesday in Tokyo, briefly soaring to the lower 96 yen range and was quoted at upper 94 yen level late Tuesday.

At 5 p.m., the dollar fetched 94.54-56 yen against 92.75-85 yen in New York and 92.95-98 yen in Tokyo at 5 p.m. Monday. It moved between 92.60 yen and 96.20 yen during the day, changing hands most frequently at 93.60 yen.

The euro also jumped to the 120 yen level at one point in the late afternoon on buybacks after it was sold heavily earlier in the day. The single European currency briefly fell into 113 yen territory on growing expectations of a European Central Bank rate cut.

The euro traded at 1.2476-2478 dollars and 117.95-99 yen against 1.2488-2498 dollars and 115.86-96 yen in New York and 1. 2441-2443 dollars and 115.65-69 yen in Tokyo late Monday.

The dollar fluctuated widely in accordance with volatile movements in the Tokyo stock market, as investors bought it on a more than six percent jump in Japan's key Nikkei stock index from a fresh 26-year low.

(Xinhua News Agency October 28, 2008)