Windfall for holidaymakers this summer as Pound rises against 93% of top currencies - where can you get the most for your money?

Following Labour's landslide victory, holidaymakers are enjoying a windfall as the Pound has risen against the currencies of 50 out of 54 of the most popular travel destinations in 2024 so far.

The Pound hit over $1.29 on Thursday, its highest level against the US Dollar since last July.

New analysis by the travel money specialist No1 Currency has revealed that since the start of 2024, the Pound has risen in value against 50 of the 54 (93 per cent) most in-demand currencies.

The increase can be attributed with increased investor confidence in the Pound and the UK’s improving economy, which grew at its fastest rate in more than two years during the three months to May.

Britons can see where they can get the most for their money compared to the start of the year when they go on holiday.

The Pound sterling has risen fastest against the Egyptian Pound, climbing in value by 56 per cent since January 2024.

This has dramatically boosted the spending power of Britons heading to Egypt’s perennially popular Red Sea coast resorts and its ancient Pyramids. The Sterling has also risen 15 per cent against the Japanese Yen and 14 per cent against the Argentine Peso.

Simon Phillips, managing director of No1 Currency, said “One week on from the election, Britain’s new Prime Minister isn’t the only one enjoying a moment on the global stage. British holidaymakers can be winners too, thanks to the rising value of sterling.

“Our analysis reveals that compared to the start of the year, the pound in your pocket now goes further in the vast majority of countries typically visited by British tourists.

"With sterling gaining ground against so many popular currencies, millions of Britons heading abroad this summer will see a welcome boost to their spending power.

“Whichever destination you pick for your holiday, cash is your friend abroad. Using foreign currency – notes and coins – helps you keep track of your spending and avoid unexpected card charges. The price you see is the price you’ll pay, and cash is still king in many countries – so you can be sure it will be accepted everywhere.

“However don’t forget that exchange rates can differ a lot between different travel money providers, so make sure you shop around to get the most competitive quotes and never leave it to the airport to pick up your holiday money.”

However there has been some loss as the Pound is worth less against four currencies. At the other end of the scale, The Pound has shed nearly a fifth of its value (down 17 per cent) against the Kenyan Shilling and it buys six per cent fewer Sri Lankan Rupees than it did at the start of January.

But while the UK’s clear election result has boosted the Pound, the opposite has happened on the other side of the Channel.

After France’s election at the weekend delivered a hung parliament, fears of policy gridlock in the Eurozone’s second biggest economy have impacted the Euro this week.

Nevertheless, the Euro has shown resilience against the Pound. Sterling has posted a modest 2.6 per cent rise against the Euro since the turn of the year, putting the Euro at 29th place and outside the top 25 best value currencies in 2024 so far.

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Rank - Currency - One Pound on Jan 1, 2024 - One Pound today - Sterling gain

• 1 - Egyptian Pound - 39.34 - 61.47 - 56.3 per cent
• 2 - Japanese Yen - 179.53 - 206.9 - 15.2 per cent
• 3 - Argentine Peso - 1029.27 - 1175 - 14.2 per cent
• 4 - Turkish Lira - 37.53 - 42.2 -12.4 per cent
• 5 - Mauritian Rupee - 56.04 - 61.08 - nine per cent
• 6 - South Korean Won - 1648.74 - 1773.46 - 7.6 per cent
• 7 - Swiss Franc - 1.07 - 1.15 - 7.4 per cent
• 8 - Chilean Peso - 1118.87 - 1198.3 - 7.1 per cent
• 9 - Taiwanese Dollar - 39.12 - 41.78 - 6.8 per cent
• 10 - Thai Baht - 43.81 - 46.61 - 6.4 per cent
• 11 - Vietnamese Dong - 30891.9 - 32860.6 - 6.4 per cent
• 12 - Indonesia Rupiah - 19607.1 - 20800.5 - 6.1 per cent
• 13 - Philippine Peso - 70.53 - 74.68 - 5.9 per cent
• 14 - Norwegian Krone - 12.95 - 13.68 - 5.6 per cent
• 15 - Mexican Peso - 21.61 - 22.79 - 5.5 per cent
• 16 - Czech Koruna - 28.49 - 30.04 - 5.4 per cent
• 17 - Hungarian Forint - 442 - 465.6 - 5.3 per cent
• 18 - Swedish Krona - 12.84 - 13.51 - 5.2 per cent
• 19 - New Zealand Dollar - 2.02 - 2.11 - 4.5 per cent
• 20 - Colombian Peso - 4931.44 - 5136.59 - 4.2 per cent
• 21 - Canadian Dollar - 1.69 - 1.75 - 3.6 per cent
• 22 - Fiji Dollar - 2.79 - 2.88 - 3.2 per cent
• 23 - Chinese Renminbi - 9.03- 9.32 - 3.2 per cent
• 24 - Malaysian Ringgit - 5.85 - 6.02 - three per cent
• 25 - Singapore Dollar 1.68 1.73 - 2.9 per cent

The four destinations where the Pound has fallen:

Rank - Currency - One Pound on Jan 1, 2024 - One Pound today - Sterling gain

• 1 - Kenyan Shilling - 199.41 -165.04 - (-)17.2 per cent
• 2 - Sri Lankan Rupee - 412.39 - 388.84 - (-) 5.7 per cent
• 3 - South African Rand - 23.29 - 23.14 - (-) 0.7 per cent
• 4 - Kuwaiti Dinar - 0.39 - 0.39 - (-) 0.2 per cent