Hyderabad:  The country may see some capital outflow and weakness in stocks following the rate hike by US Federal Reserve, but the negative impact is not expected to be severe, former RBI Governor C Rangarajan said.  Rangarajan, a former Chairman of the Prme Minister’s Economic Advisory Council, added that India’s situation on the balance of payment side is reasonably under control now.

Asked if he sees the possibility of the rupee falling to Rs 70 versus the dollar, Rangarajan said he does not think so. He said prices of imported goods would be affected depending on what happens to the rupee.

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