The dollar declined beyond $1.36 against the euro for the first time since January on bets the Federal Reserve’s plan to buy Treasuries will push down yields on U.S. assets and prompt investors to seek returns elsewhere. The U.S. currency dropped to the lowest level versus the Norwegian krone since October and depreciated to a one-month low against the South Korean won as the Fed started to flood the market with dollars. The euro fell against the yen on speculation the European Central Bank will keep cutting interest rates as the region’s recession deepens. “There are so many programs to prop up the market,” said Chirag Gandhi, a money manager of a $2.5 billion fund at the investment board of the State of Wisconsin in Madison. “Risk appetite was so low and has room to rise. The dollar weakness is going to last for a while until the weakness of the global economy starts to bite again.” The dollar slid 1.5 percent to $1.3679 per euro at 8:19 a.m. in New York, from $1.3474 yesterday. It touched $1.3685, the weakest level since Jan. 9. The U.S. currency dropped 1.5 percent to 94.78 yen from 96.22 after touching 94.58, the lowest since Feb. 24.

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