2023 MAD to ZAR Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 MAD to ZAR Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the MAD to ZAR exchange rate experienced significant fluctuation. The market reached its absolute peak on July 8, valuing the pair at 1.9614. Conversely, the yearly low was recorded on January 4, dropping to 1.6165.
This high-to-low spread represents a total annual volatility of 0.3449 ZAR. From a start-to-finish perspective, comparing the January average rate of 1.6691 to the December average rate of 1.8521, the exchange rate registered a net change of 10.96% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 1.9614 was up 13.41% compared to the 2022 peak of 1.7294, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 MAD based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
MAD to ZAR 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 1.7876, compared to 1.8585 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.0709 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was July, with a trading range of 0.1667 ZAR (High: 1.9614 / Low: 1.7947). On the other end, September was the most stable month, with a tight range of 0.0593 ZAR (High: 1.8824 / Low: 1.8232).
Growth Streaks & Declines
TrendsBetween January and May, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 4 straight months. Conversely, the sharpest month-over-month decline occurred between August and September, when the average rate fell by 0.0437 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (July 2023: 1.8706) against the same month in 2022 (average: 1.6435), the exchange rate shifted by +0.2271 (+13.82%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 1.7129 | 1.6165 | 1.6691 |
| February | 1.7707 | 1.6754 | 1.7400 |
| March | 1.8395 | 1.7404 | 1.7691 |
| April | 1.8528 | 1.7404 | 1.7935 |
| May | 1.9407 | 1.8278 | 1.8897 |
| June | 1.9298 | 1.8098 | 1.8645 |
| July | 1.9614 | 1.7947 | 1.8706 |
| August | 1.9526 | 1.8229 | 1.8975 |
| September | 1.8824 | 1.8232 | 1.8537 |
| October | 1.8964 | 1.8137 | 1.8527 |
| November | 1.8732 | 1.7855 | 1.8246 |
| December | 1.8911 | 1.8092 | 1.8521 |