The U.S. dollar got a temporary reprieve yesterday from its recent battering in global exchange markets -- thanks to coordinated buying of dollars by central banks -- after edging down to new lows in Japan and Europe. But the negative view of the dollar soon took over again, and the currency closed lower in New York.

Shigeru Tokunaga, a foreign exchange dealer for Fuji Bank in New York, called the intervention, including purchases of dollars by the New York Federal Reserve Bank, "kind of mild." He said there was a fairly obvious intention "not to change the market sentiment, but to smooth the decline of the dollar."

Tokunaga said the central banks' coordinated intervention was not strong enough to boost the dollar back over the 1.60 West German mark level or as high as 125 yen. To accomplish that, he said, intervention would have to be accompanied by more specific economic policy actions to persuade the markets that the dollar's slide is over.

A London dealer agreed, telling the Dow Jones news service: "The fact that the Fed was in gave the intervention an extra bite, because everyone is looking for the Fed and the administration to be doing something to support the dollar. However, the intervention will only be effective in holding the dollar steady for the time being, because the market is still looking for a lower dollar."

A spokesman for the New York Fed would neither confirm nor deny that the central bank was intervening for the second day in a row. Monday's intervention also failed to erase the negative sentiment in the markets, which remain displeased with what they consider a weak statement last week by the Group of Seven in support of the dollar.

But the fact that the Fed was buying dollars for the U.S. government, coupled with reports of intervention earlier by the central banks of Japan, West Germany, Canada, Switzerland and Britain, helped stabilize the dollar in thin trading. The Swiss central bank later confirmed that it had bought dollars for Swiss francs.

In Tokyo, where the trading day finishes before European markets open, the dollar closed at 123.50 yen, down from 123.55 on Monday, the 10th record low in the past 15 trading days. In Europe, before the central banks intervened, the dollar continued to slide, recording new lows against the West German mark, the Swiss franc and the Dutch guilder.

When the dollar reached a new postwar low of 1.5880 West German marks, the German central bank began to buy dollars, pulling the price up to 1.5900 marks. As the force of that intervention began to diminish, dealers said, the New York Fed stepped in to buy small amounts at from 1.5920 marks to 1.60 marks. The peak for the day was 1.6020 marks, after which the dollar declined to 1.5940 marks in New York, down from 1.5980 on Monday. It closed at 123.45 yen, down from 123.60 Monday.

{The dollar opened at 123.60 yen in Tokyo on Wednesday, up from yesterday's close of 123.50.}

Among concerns in financial circles is an apparent policy division within the Reagan administration. Although Treasury Secretary James A. Baker III and Fed Chairman Alan Greenspan, as participants in the G-7 action, indicated a belief that the dollar has declined enough, the chairman of the Council of Economic Advisers, Beryl Sprinkel, said publicly after the G-7 communique was issued that the United States had not agreed to defend a specific dollar level.

After Monday's dollar slide was accompanied by a break in the stock and bond markets, White House press aide Marlin Fitzwater reiterated that "the United States wants to see stability in the dollar." And other key sources indicated that there is "serious concern" at top levels of the administration over the dollar's recent steady decline.

But Sprinkel's comments raise questions about the credibility of the administration position, market observers said. Sprinkel was criticized Monday night for his comment on the G-7 communique by former deputy secretary of the Treasury Richard Darman, who remains a confidant of Baker.