The MAGSAT data on the three components of the geomagnetic field are subjected to ring current correction and crustal anomaly elimination near the dip equator. The evidence of a strong west east electrojet current below the satellite height (~ 350 km) is confirmed. Strong evidence of east west component of the field suggests the existence of a vertical current originating at the jet level and extending upwards. A model calculation shows that such a current system can explain the satellite data as well as the ground data.