NEW YORK: The dollar rose to a two-day high against the Japanese yen on Monday as authorities’ efforts to rein in worries over the global banking system helped calm investor nerves.

The US currency, however, traded in a narrow range against most major currencies as investors appeared hesitant to place big wagers in either direction as they sought clarity on the fallout from the recent collapse of two US lenders and the rescue of Credit Suisse.

“Feels like a market that is tired with overnight ranges very narrow and volumes very light,” said Brad Bechtel, global head of FX at Jefferies.

Easing worries helped the dollar rise 0.59% to 131.51 yen, reversing some of its recent losses against the Japanese currency. Risk-averse investors had sent the yen to a seven-week high of 129.65 per dollar on Friday and the currency was on track to clock a 3.5% gain in March.

The dollar index, which measures the currency against six rivals, was about flat on the day at 102.97, not far from the near 7-week low of 101.91 touched on Thursday.

The euro was 0.19% higher at $1.07825, after data on Monday showed German business morale unexpectedly improved in March despite the banking sector turmoil.

In cryptocurrencies, bitcoin last rose 0.25% to $27,697, edging closer to the 9-month high of $28,917.46 hit last week.