"The Fed has prepared the ground and we are expecting that it will raise rates anywhere between one and 25 basis points," RBI governor Raghuram Rajan told reporters after the central bank's board meeting here today.

There is 70-75 percent possibility that the rates would be increased, Rajan said. RBI deputy governor Urjit Patel said it is almost certain that the Fed will raise interest rates next week.

He added that one could expect some changes in financial flows in the markets.

"Whatever decision the Fed takes, we are prepared for any eventuality", Rajan said.

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