2023 GMD to UGX Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 GMD to UGX Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the GMD to UGX exchange rate experienced significant fluctuation. The market reached its absolute peak on May 31, valuing the pair at 63.4359. Conversely, the yearly low was recorded on December 20, dropping to 55.7997.
This high-to-low spread represents a total annual volatility of 7.6362 UGX. From a start-to-finish perspective, comparing the January average rate of 59.5220 to the December average rate of 56.1478, the exchange rate registered a net change of -5.67% (reflecting a weakening trend).
Looking at year-over-year peak valuations, the 2023 high of 63.4359 was down 11.84% compared to the 2022 peak of 71.9558, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 GMD based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
GMD to UGX Seasonal Trends & Volatility Analysis
A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.
Seasonal Halves (H1 vs H2)
SeasonalThe average exchange rate in the first half of the year (H1: Jan–Jun) was 60.9817, compared to 58.7481 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 2.2336 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was September, with a trading range of 3.9952 UGX (High: 61.8019 / Low: 57.8067). On the other end, December was the most stable month, with a tight range of 0.7800 UGX (High: 56.5796 / Low: 55.7997).
Growth Streaks & Declines
TrendsBetween January and March, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 2 straight months. Conversely, the sharpest month-over-month decline occurred between September and October, when the average rate fell by 3.3326 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (May 2023: 62.3426) against the same month in 2022 (average: 67.2375), the exchange rate shifted by -4.8949 (-7.28%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 60.1516 | 58.8283 | 59.5220 |
| February | 61.0331 | 59.6772 | 60.3432 |
| March | 61.7497 | 60.0751 | 60.8747 |
| April | 62.3053 | 59.7223 | 60.5259 |
| May | 63.4359 | 61.7898 | 62.3426 |
| June | 63.0229 | 61.3834 | 62.2818 |
| July | 62.0815 | 60.2893 | 61.3835 |
| August | 62.0117 | 59.3448 | 60.7538 |
| September | 61.8019 | 57.8067 | 60.5269 |
| October | 58.5468 | 56.8669 | 57.1943 |
| November | 58.1668 | 55.8343 | 56.4821 |
| December | 56.5796 | 55.7997 | 56.1478 |