The inter-bank call money (overnight) rates firmed up during the period from second half of September ’08 to end October ’08 (high of 19.70 per cent on October 10). However, the series of liquidity augmenting measures undertaken by RBI resulted in call rates coming back to the normal levels from first week of November ’08.
Global recession had adversely affected the Indian exports resulting in widening of current account deficit (CAD). Exports which grew at 25 per cent during 2005/08 decelerated to 13.6 per cent in the crisis year (2008–09) and registered a negative growth of 3.5 per cent in 2009–10.