"We will be tested by capital outflows and my hope is that we have done enough in terms of strengthening the macroeconomic fundamentals of the country...as well as in building up reserves," Rajan said at an event.

He said if interest rates inch up in industrialized economies there could be volatility across the world. Strong macroeconomic fundamentals would help our country withstand any kind of volatility, he added.

India's foreign exchange reserves stood at USD 319.99 billion in the week to August 1.

Last year, global financial markets went into a tizzy after US Federal Reserve hinted it would wind down its monthly economic stimulus programme. The rupee had touched its lifetime low of 68.85 against a US dollar in August last year, but has strengthened since then to 61-levels.

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