According to Baumol and Tobin, the transactions demand for money is

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Baumol and Tobin's model suggests that the transactions demand for money is negatively related to market interest rates because higher interest rates incentivize individuals and businesses to hold less cash (to avoid the opportunity cost of holding non-interest-bearing assets) and make more investments. Conversely, the velocity of money is positively related to market interest rates because, as interest rates increase, people are motivated to reduce their money holdings in favor of interest-bearing assets, thus money circulates more quickly.

According to Baumol and Tobin, the Transactions Demand for Money