Eurovision blinds holidaymakers to other currency opportunities
Britain’s economy may be in recession, but its currency is flying high. The Pound has strengthened against a basket of international currencies, according to figures compiled by the foreign exchange specialist, Moneycorp, meaning British tourists heading abroad can get much more bang for their buck. Well, Pound that is.
Sterling’s solid performance against the Euro has grabbed most of the headlines – it’s up 8.6 per cent on this time last year. But that’s small beer compared to the Pound’s extraordinary 18 per cent appreciation against the Indian Rupee, or its 17.7 per cent increase against the Brazilian Real.
Other popular tourist destinations are also offering substantially better value thanks to the soaring Pound. Anyone booking a South African safari will see their Pounds go 14.1 per cent further against the Rand, while Brits heading for the beaches of Sri Lanka can enjoy an exchange rate that’s 15.1 per cent better than it was in May 2011.
Football fans planning a trip to Poland to watch the Euro 2012 championships already have something to cheer – one Pound now buys 15.9 per cent more Polish Zloty than it did at this time last year.
Meanwhile anyone heading to a stag do in Prague can raise a glass of Pilsner to the fact that the Pound is now worth 12.6 per cent more against the Czech Koruna than it was a year ago.
But it’s not all one-way traffic. Moneycorp data shows that the Pound has weakened 4 per cent against the Chinese Yuan and 3.8 per cent against the Kenyan Shilling relative to this time last year. And for anyone heading off Stateside, the Pound is worth 1.2 per cent less against the US Dollar than May 2011.
Alex Lawson, senior broker at Moneycorp, commented: “Everyone’s talking about how the Pound is soaring against the Euro and that’s understandable given the continuing question marks over the single currency’s future.
“While the EU is by far the most popular overseas holiday destination for Brits, this Euro vision is blinding people to some of the other opportunities that are arising from the strong Pound.
“Sterling has gained against a number of other currencies in the last year and this shouldn’t be overlooked as people consider their holiday options. 18 per cent on the Indian Rupee, 17.7 per cent on the Brazilian Real and just over 14 per cent on the Rand gives anyone heading off to those countries significantly more purchasing power.”