Fears of fresh recession, which recently sent global equities plunging, persisted however and analysts said volatile trading would continue ahead of this week's key economic data and meeting of central bank chiefs.
Gold hit fresh record highs close to $1,900 an ounce as investors sought out safe-haven investments.
The dollar rose to 76.77 yen from 76.50 yen in New York on Friday, when it hit a post-Second World War low of 75.95 yen. The euro fell to $1.4398 on Monday from $1.4398 Friday.
Europe's main stock markets rallied in late afternoon trade, but also saw gains narrow and Frankfurt ended with a narrow loss.
Markets were looking ahead to German investor confidence data due Tuesday and a US growth update and central bankers' meeting on Friday.
Investors are hoping that US Federal Reserve Chairman Ben Bernanke will unveil new stimulus measures aimed at juicing the stalled US economy in a speech scheduled for later this week.
Most European stock markets rebounded, with London's FTSE 100 climbing 1.08 per cent to 5,095.3 points. In Paris, the CAC 40 rose 1.14 per cent to 3,051.36 points, while in Frankfurt the DAX ended down slightly, dipping 0.11 per cent to 5,473.78 points.
Swiss stocks gained 0.99 per cent, Milan climbed 1.78 per cent and Madrid rose 1.87 per cent.
Share prices in oil majors were boosted by plunging Brent crude prices on the prospects of Libyan oil production returning to normal after a rebel advance deep into Tripoli left Kadhafi close to defeat, traders said.
Shares in Italy's ENI jumped 6.33 per cent, while those in France's Total climbed 2.25 per cent.
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