U.S. monetary authorities bought $4.14 billion in...

U.S. monetary authorities bought $4.14 billion in foreign-exchange markets to support the dollar in November, December and January, the heaviest intervention since 1979, it was disclosed. The concerted purchases were only partially successful. The dollar plummeted to record lows at the end of December in spite of heavy intervention, but then partially rebounded in the first days of the new year as market psychology shifted. The purchases were reported by the Federal Reserve Bank of New York, which carries out foreign-exchange operations on behalf of the Federal Reserve and the Treasury Department.