While testing my 3 prong 240 volt dryer outlet I get 240 volts off the two "hot" leads but only 63 volts when individually testing a single "hot" lead with the neutral.

Could be a broken or open neutral. Need to check all connections in this circuit, from the receptacle back to and including in the panel.

I have checked the power at the panel and everything checks out 240v on both hot leads and 120v on each leg when checked with neutral. So I will need to trace the neutral ?