U.S. fed funds rate rises to 0.12 percent

NEW YORK (Reuters) – The U.S. federal funds rate <USONFFE=>, which banks charge each other to borrow excess reserves, averaged 0.12 percent on Monday, up from a one-month low of 0.08 percent on Friday, U.S. Federal Reserve data released early Tuesday showed.

The fed funds rate, which the Fed targets to achieve its rate objective, traded in a range of 0.05 percent to 0.3125 percent, compared with 0.04 percent to 0.3125 percent on Friday.

(Reporting by Richard Leong; Editing by Alden Bentley)