2023 SGD to TOP Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 SGD to TOP Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the SGD to TOP exchange rate experienced significant fluctuation. The market reached its absolute peak on July 14, valuing the pair at 1.7806. Conversely, the yearly low was recorded on June 23, dropping to 1.7354.
This high-to-low spread represents a total annual volatility of 0.0452 TOP. From a start-to-finish perspective, comparing the January average rate of 1.7586 to the December average rate of 1.7650, the exchange rate registered a net change of 0.36% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 1.7806 was up 1.61% compared to the 2022 peak of 1.7524, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 SGD based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
SGD to TOP 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 1.7583, compared to 1.7596 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.0013 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was July, with a trading range of 0.0415 TOP (High: 1.7806 / Low: 1.7391). On the other end, August was the most stable month, with a tight range of 0.0180 TOP (High: 1.7704 / Low: 1.7524).
Growth Streaks & Declines
TrendsBetween February and April, 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 May and June, when the average rate fell by 0.0090 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (July 2023: 1.7589) against the same month in 2022 (average: 1.6859), the exchange rate shifted by +0.0731 (+4.33%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 1.7688 | 1.7414 | 1.7586 |
| February | 1.7740 | 1.7429 | 1.7532 |
| March | 1.7764 | 1.7414 | 1.7590 |
| April | 1.7803 | 1.7604 | 1.7668 |
| May | 1.7772 | 1.7466 | 1.7605 |
| June | 1.7676 | 1.7354 | 1.7515 |
| July | 1.7806 | 1.7391 | 1.7589 |
| August | 1.7704 | 1.7524 | 1.7604 |
| September | 1.7620 | 1.7421 | 1.7538 |
| October | 1.7638 | 1.7396 | 1.7513 |
| November | 1.7804 | 1.7583 | 1.7680 |
| December | 1.7760 | 1.7578 | 1.7650 |