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Gandhi's retreat from her earlier radical posture. In a different mood, it could have easily dismissed these as part of election strategy.
But sentiment changed with the shooting up of the inter-bank call rate, from 8 per cent to a record high of 12 per cent in a matter of few days. The sudden spurt in the call rate indicated that the credit squeeze, which had been in- itiated with the Bank rate hike from 5 per cent to 6 per cent and the simultaneous levering up of the minimum net liquidity ratio, had began to hurt the banks. Apart from acute monetary stringency which had pushed up the 'budla' rates in the stock market, sentiment was also unsettled by fear of deterioration in Indo-Paldstani relations following the blowing up of the hijacked Indian Airlines plane in Lahore.