NEW YORK (Reuters) - The average interest rate on what the banks charge each other to borrow reserves overnight on Thursday fell below the upper-end of the Federal Reserve’s target range for the first time this week in the aftermath of turmoil in money markets.

The average, or effective, interest rate in the federal funds market was 1.90% on Thursday, well within the Fed’s current target range of 1.75%-2.00%, data from the New York Federal Reserve released on Friday showed.