The pound sterling has plunged to its lowest rate this year against the euro and US dollar.
According to the Post Office Travel Money, travellers can currently get just US$1.41 for each pound, 5.3% less than early January and EUR1.05 for every pound, down 7%.
The dollar exchange rate has also affected rates for the Barbados dollar, East Caribbean dollar and UAE dirham, while tourists will pay more for all European currencies this month except the Icelandic krona.
Despite the low against major holiday destinations, the pound has strengthened against 13 long-haul destinations. The forecast for Latin America “looks good” while the pound has also improved against Japanese yen; South African rand and Kenyan shillings.
Those travelling to Egypt are also getting more for their pounds.
“Although the latest dip in the value of the UK pound is bad news for holidaymakers, there are many destinations where they can still get more for their money than a year ago,” said Andrew Brown from the Post Office.
He encouraged holidaymakers to buy in more bulk to get cheaper rates and avoid paying for worst rates from ATMs abroad.
