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 "US dollar")
India ranks fourth out of 18 countries with the highest increase in US dollar withdrawals since May 2023. Among these, the top roles that withdrew the most were software engineers and consultants. (Photo: Bloomberg)
With the US dollar strengthening, there has been a sharp increase in payments in US dollars around the world, revealed a report. The data shows an 11 per cent increase in contractor dollar withdrawals in India since May 2023, said a report from Deel, an HR and payroll platform.
India ranks fourth out of 18 countries with the highest increase in US dollar withdrawals since May 2023. Among these, the top roles that withdrew the most were software engineers and consultants.
Only five countries witnessed a double-digit percentage increase in currency withdrawals since the start of the study (May 2023 to April 2024). Argentina witnessed the highest increase in US dollar withdrawals (43 per cent), followed by the UAE and Turkey (39 per cent), Georgia (16 per cent), and India (11 per cent).
“This surge in contractor dollar withdrawals in India underscores the impact of global economic forces on individual financial decisions, highlighting the importance of leveraging currency fluctuations for enhanced earnings and financial stability in today's interconnected world,” said Mark Samlal, general manager APAC, Deel and founder of PayGroup.
Deel studied data that was collected by tracking the percentage of withdrawals made in US dollars for each country over 12 months from May 2023 to April 2024 via their platform.
Countries studied included the USA, Ukraine, Turkey, Portugal, Poland, Pakistan, Philippines, Mexico, India, Georgia, Great Britain, Spain, Colombia, Canada, Belarus, Brazil, Argentina, and the UAE.
The surge in contractor dollar withdrawals in India can be attributed to several factors influenced by the strength of the dollar. The study said as the dollar gains strength against the Indian rupee, workers can withdraw dollars at a more favourable exchange rate, allowing them to maximise their earnings.
“A growing, affluent middle class and younger, intrepid Indians are increasingly travelling to the US, contributing to the country's emergence as the fifth-largest source of tourists,” said the report.
