Kolkata, Dec 11 (IANS): RBI Governor Raghuram Rajan on Friday said there was a 70-75 percent possibility that the US Federal Reserve would raise interest rates in its monetary policy review later this month.

"There is 70-75 percent possibility that the rates would be increased," Rajan told reporters here.

"The (US) Fed has prepared the ground and we are expecting that it will raise the rates anywhere between one and 25 basis points. Whatever decision the Fed takes, we are prepared for any eventuality," Rajan said after the Reserve Bank of India (RBI) Board of Governors meeting.

RBI deputy governor Urjit Patel said it was "almost certain" the US central bank would raise interest rates.

"Analysing the language used by the Fed, we expect that interest rates will be raised," Patel said.

At its latest policy review earlier this month, the RBI held its repo rate at 6.75 percent, having made a reduction of 50 basis in the previous policy review on September 29.