The money supply, which fell sharply in the week ended Nov. 23, rose sharply in the latest reporting week, the Federal Reserve Board reported yesterday. The money supply - currency in circulation and checking accounts - has been behaving erratically in recent months, making it difficult for the central bank to control its growth.

In another development, the Senate Banking Committee majority said that the Federal Reserve should supply enough money to the economy to permit the economy to grow 5 per cent in 1978. Federal Reserve chairman Arthur F. Burns said the central bank expects the economy to grow 4.5 per cent next year.

The Fed tries to control money growth by buying and selling government securities on the open market. The six Republicans on the Senate Banking Committee disagreed with the Democratic majority and warned that too fast money growth could result in rapid inflation.

In the money report released yesterday, the Fed said that the money supply averaged $333.2 billion in the week ended Nov. 30. compared wit $331.4 billion the week before. For the last 13 weeks the money supply has been growing at an annual rate of 6 per cent. Over the year the money supply has increased 7.4 per cent.

The federal funds rate, the interest banks charge each other for overnight loans of excess reserves, averaged 6.51 per cent in the week ended Dec. 7, compared with 6.55 per cent the week before.