The United States Federal Reserve Board building is shown in Washington October 28, 2014. REUTERS/Gary Cameron

NEW YORK (Reuters) - The Federal Reserve on Monday awarded $54.41 billion of one-day fixed-rate reverse repurchase agreements to 34 bidders at an interest rate of 0.25 percent, the New York Fed said on its website.

The reverse repurchase agreement program is seen as a critical policy tool for the U.S. central bank to drain money from the financial system in an effort to achieve its interest-rate objectives.

On Friday, the Fed allotted $59.09 billion in three-day reverse repos to 31 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent.