Discount window borrowing slipped in latest wk-Fed

NEW YORK, July 3 (Reuters) - U.S. banks' direct borrowing from the Federal Reserve at the discount window slipped in the latest week, Fed data showed on Thursday.

Banks' discount window borrowings averaged $16.78 billion per day in the week ended July 2, compared with an average $20.87 billion per day a week earlier.

Primary credit borrowings averaged $14.86 billion per day in the latest week, up from $14.70 billion per day the previous week.

Dealers borrowed an average $1.74 billion per day from the Primary Dealer Credit Facility (PDCF), down from $6.10 billion average per day the week before.

The PDCF is one of several programs the Fed has introduced to provide cheap financing to financial institutions pinched by the credit crisis. (Reporting by John Parry)