"I won't say that we have a set of rate hikes in mind," Rajan said. "We think we have done enough given what we know about the economy to wait and watch and see what happens."
Rajan added the Indian rupee would be considered to have stabilised only when oil demand has returned to markets, while adding the special swap window currently provided by the central bank would be tapered gradually.
The central bank governor also said the RBI would take a call on liquidity management only when the operational rate comes down to the repo rate.
India's central bank raised interest rates for the second time in as many months on Tuesday, warning that inflation is likely to remain elevated despite sluggish growth, and rolled back an emergency measure put in place in July to support the rupee.