Reserve Bank of India Governor Raghuram Rajan has said RBI may further lower the interest rate if inflation continues to ease and the monsoon turns out to be good. Earlier this month, RBI reduced its repo rate by 0.25 per cent to 6.5 per cent, its lowest level in more than five years. Mr. Rajan is in Washington for the spring meetings of the International Monetary Fund and the World Bank. He further said India has narrowed its deficits to ensure greater flexibility to manage its economy through the turbulent global scenario.