Contrasting the gloom associated with the rupee’s free-fall against the U.S. dollar is the joy of windfall gains being experienced by freelancers and small to mid-sized enterprises exporting services abroad.
Professionals across fields of work directly servicing clients abroad have reported increased earnings in Indian rupee since mid-April, when the rupee began sliding steadily against USD. From around ₹65 on April 15, the rupee-USD exchange rate closed at just over ₹72 on Monday.
“In terms of economic factors affecting work, there have not been any dampening effects. So the fall of rupee has been beneficial for enterprises and individuals paid by foreign clients,” said S. Venkata Ramana, who runs a city-based software marketing enterprise.
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Mr. Ramana estimates that small-sized enterprises in the field of software exporting would have made at least ₹ 1lakh more a month during the past five months when the rupee fell. “Even freelancers in the software exporting industry who earn average monthly income of USD 2,000 have been making about ₹10,000 more every month, which is significant,” he said.
Content writers say falling rupee has pushed them to bid for more work as volume of work matters, given that the rates are generally low. “I have been pitching to more prospective clients than ever before. It has also helped me retain old clients by offering some discount, which has been offset by the falling rupee,” said M. Pranay Rao, a writing professional, who writes promotional and marketing content.
He also added that a few of his acquaintances were convinced to take-up part-time in the current time, lured by the prospects of the exchange rate fluctuations.
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The graphics and animation industry, too, is experiencing similar short-term gains, which professionals say can help cushion volatility the industry is used to. “This is a good time for Indian firms to try and pitch for more work. The animation industry experiences volatility frequently. Additional revenue from falling rupee can be cushion in the short-term,” said R. Sowmya, a Hyderabad-based animation artist.