NEW YORK: The Federal Reserve on Monday awarded $118.21 billion of overnight fixed-rate reverse repurchase agreements to 51 bidders at an interest rate of 0.05 percent, the Federal Reserve Bank of New York said on its website.

On Friday, the U.S. central bank allotted $155.00 billion in three-day reverse repos to 69 bidders including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.05 percent.

Demand for the Fed's RRPs tends to fall when the interest rate on repurchase agreements rises. The repo rate was last quoted at 0.14 percent to 0.18 percent, compared with 0.16 percent late on Friday, according to ICAP.

Copyright Reuters, 2015