2023 KES to RWF Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 KES to RWF Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the KES to RWF exchange rate experienced significant fluctuation. The market reached its absolute peak on February 2, valuing the pair at 8.7355. Conversely, the yearly low was recorded on December 30, dropping to 8.0190.
This high-to-low spread represents a total annual volatility of 0.7165 RWF. From a start-to-finish perspective, comparing the January average rate of 8.6705 to the December average rate of 8.1188, the exchange rate registered a net change of -6.36% (reflecting a weakening trend).
Looking at year-over-year peak valuations, the 2023 high of 8.7355 was down 4.58% compared to the 2022 peak of 9.1549, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 KES based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
KES to RWF 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 8.3993, compared to 8.1868 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.2126 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 0.2770 RWF (High: 8.4130 / Low: 8.1360). On the other end, January was the most stable month, with a tight range of 0.0711 RWF (High: 8.7115 / Low: 8.6404).
Growth Streaks & Declines
TrendsBetween May and July, 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 February and March, when the average rate fell by 0.2041 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (February 2023: 8.6475) against the same month in 2022 (average: 9.0247), the exchange rate shifted by -0.3772 (-4.18%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 8.7115 | 8.6404 | 8.6705 |
| February | 8.7355 | 8.5742 | 8.6475 |
| March | 8.5659 | 8.3541 | 8.4434 |
| April | 8.4103 | 8.1636 | 8.2585 |
| May | 8.2788 | 8.1297 | 8.1768 |
| June | 8.4130 | 8.1360 | 8.1992 |
| July | 8.3845 | 8.1908 | 8.2613 |
| August | 8.3163 | 8.1780 | 8.2287 |
| September | 8.2826 | 8.1548 | 8.1990 |
| October | 8.3258 | 8.1280 | 8.1878 |
| November | 8.2301 | 8.0555 | 8.1250 |
| December | 8.1939 | 8.0190 | 8.1188 |