New Delhi, Aug 15 (ANI): RBI Governor Raghuram Rajan said that country needs substantial foreign exchange reserves as a buffer against capital outflows. India had foreign exchange reserves of $320.56 billion as of the week ending August 1, close to surpassing the record high of $320.785 billion set in September 2011.Rajan has set himself a target of lowering consumer inflation and is even ready to raise rates to achieve it, risking friction with the new government if he is seen as overstepping