Reserve Bank of India governor Raghuram Rajan has said the central bank may further lower its key interest rate if inflation continues to ease. In an interview to the Wall Street Journal, Rajan said the RBI is also looking at the progress of the monsoon this year, after two consecutive bad years. Rajan said India has narrowed its deficits to ensure greater flexibility to manage its economy, even as several other economies, including emerging economies, were struggling amid overall tough global conditions. He also praised US Federal Reserve Chairperson Janet Yellen for paying more attention to emerging markets in her policy for the US markets. Referring to the Fed move to slow the pace of its rate hikes, Rajan said it has helped take some pressure off others.