 "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)
India ranks fourth among 18 countries with the highest increase in US dollar withdrawals since May 2023, according to a report that found a sharp increase in payments in that currency worldwide.
There has been an 11 per cent increase in contractor dollar withdrawals in India since May 2023, said the report by Deel, a human resource and payroll platform.
Among the 18 countries, the top roles that withdrew the most US dollar withdrawals 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 collected by tracking the percentage of withdrawals made in US dollars in several countries from May 2023 to April 2024 via its 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.
First Published: Jul 25 2024 | 2:06 PM IST
