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Never a better time to head to Rio

Written by: Adam Lewis
While the Olympics in Rio de Janeiro may be a year away, there has never been a cheaper time to visit Brazil given the fall in is currency versus sterling in the last year according to Lloyds Bank.

As a result of the ongoing recession in South America’s largest economy, the Brazilian real has fallen 39% against the sterling since  4 December 2014, making a trip to Brazil more affordable than 12 months ago.

Indeed according to research from Lloyds Private Banking, over the past 12 months sterling has increased in value against 48 of the 61 currencies analysed.  The biggest two other increases were versus the Turkish lira, which fell 24.2% versus sterling, and the South African rand (down 23.1%).

Improving economic conditions in the UK and falling commodity prices were two of the major factors behind the strength of the pound.

“The pound has gained in value against several currencies that have been adversely affected by falling commodity prices, a weakening economy and the slowdown in the Chinese economy,” said Richard Musty, international private bank director at Lloyds Bank.

However it is not all good news for holidaymakers. Those looking for something more exotic should note sterling struggled versus the Seychelles rupee, which rose 11% against the pound over the last 12 months, and the Maldives rufiyaa, which was up 4%.

The euro meanwhile fell 10% against sterling year-on-year, while the US dollar was up 4% and the Japanese yen rose 1%.

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