The dollar dropped sharply yesterday, hitting record lows against other major currencies, as traders saw no sign that the Reagan administration is prepared to halt the slide. Indeed, analysts said the market is assuming that the administration wants the dollar to drop further before attempting to stabilize it by seeking a new currency agreement with other industrial powers.

The dollar fell on overseas markets from 133.60 yen and 1.65 West German marks on Friday to historic lows of 131.95 yen and 1.6320 marks yesterday. Transactions at those low levels were said to be small. In New York trading, the dollar closed at 132.23 yen and 1.6380 marks.

In early trading in Tokyo today, intervention by the Bank of Japan helped check the dollar's fall, The Associated Press reported. The dollar opened at a record low of 132.28 yen, down from Monday's close of 132.45 yen, and closed the morning session at 132.35 yen.

Salomon Bros. economist Henry Kaufman said that since President Reagan bolstered the markets two weeks ago by saying that the dollar was at a reasonable level and that he did not want a further decline, administration officials "have been mute. There's been nothing said."

That suggests to the financial markets, Kaufman said, that Reagan's statement "must have been an off-the-cuff remark, nothing that represented the considered judgment of his advisers."

Yesterday, White House spokesman Marlin Fitzwater declined comment on the dollar's fall, saying only: "I won't discuss the dollar." Reagan is scheduled to speak to business leaders today, lobbying for the deficit-reduction package agreed upon a few days ago. But Fitzwater said he doubted the president would say anything about the dollar.

"Investors have been watching the budget negotiations with a view that, afterwards, there would be a quick rush to a Group of Seven meeting to stabilize exchange rates," said former Economic Council chairman Martin Feldstein, now head of the National Bureau of Economic Research in Cambridge, Mass.

"Now it is become clear that that is not happening quickly, and that it is not at all likely that the United States would go along with rising interest rates to stabilize the dollar. That is a correct perception, and in my view, a correct policy," Feldstein said.

The Group of Seven (G-7) nations are the United States, Japan, West Germany, France, Britain , Italy and Canada. The finance ministers and central bankers of these countries have been planning a new meeting to take place soon that would reaffirm cooperation on international economic issues.

Many market participants and observers yesterday blamed reported bickering among the G-7 partners for causing new uncertainty in financial markets. These market observers cited reports that a G-7 meeting might not be held until after Jan. 1 as a major cause of fear in the markets. Earlier, a pre-Christmas session had been widely anticipated.

A senior Japanese official blamed the dollar's renewed weakness on "the delay" in implementing the budget deficit-cutting package. The official also said that a decision to call a G-7 meeting must be based on "content" or "substance."

Shigeru Tokunaga, a foreign exchange expert for the Fuji Bank of New York, said "the {dollar} market is down because of general bearish sentiment, and behind this is some fear of a collapse of the stock, bond and foreign exchange markets and a lack of confidence in the ability of the United States to hold the credit markets stable."

Both Tokunaga and Kaufman said that most exchange market dealers are acting on the assumption that the United States will not try to stabilize the dollar until it falls to 130 yen and 1.60 marks.

Feldstein observed that the appeals of British Chancellor of the Exchequer Nigel Lawson for an early G-7 meeting to stabilize the dollar around present levels are keyed to a demand that the United States raise interest rates -- a move that would make the dollar more attractive to foreign investors. "I don't think the United States should or will accept that course," Feldstein added.

"When the dollar sold under 133 yen, there was no comment from American officials to stem the decline," Tokunaga said. "The only intervention to bolster the dollar {yesterday} came from the Bank of Japan. But the attitude we observed was that the Japanese intervention was not designed to stop the decline, but only to smooth out the process."

Several market analysts also suggested that the slide in the dollar -- more pronounced since the Thanksgiving Day holiday last week -- represents a delayed, negative reaction to the budget deficit compromise announced a few days before.

"I think the markets have begun to understand that at best, all the budget agreement will do is to level the budget deficit off at around $150 billion a year for the next two years," said C. Fred Bergsten of the Institute for International Economics.

"Given the failure of any G-7 country to take serious steps that might reduce the huge trade imbalances, what the markets are recognizing is that any real adjustment will have to come through the exchange rate mechanism," he said.

Others said there was no significant new development to account for the acceleration of the dollar's decline in the past few days, except for the growing conviction that there is nothing in view to stop its decline, and a realization that any bargain made by the G-7 is likely to have just a temporary result.

"People no longer think that intervention per se {by the central banks} will do the job. For a while, they {government officials} could fool peple. But then it became clear that the only way to keep the dollar up is by raising interest rates here relative to those abroad," Feldstein said.

Kaufman said that part of the dollar's weakness, which has extended to the stock markets around the world, is that the markets sense that as a G-7 meeting approaches the major partners do not seem to have a common agenda.

And that, he said, raises the question of whether there can be meaningful international negotiations on the dollar and related policies.

Feldstein, who long has held the view that the dollar should depreciate further as the only way in which the huge U.S. trade deficit might be crunched, said yesterday that "in the near term," the dollar should drop to 120 yen, and the mark to 1.50. Five five years from now, Feldstein said, "we could be on a path where the dollar would be worth 100 yen and 1.20 German marks."