2011 TOP to RSD Historical Review

YEARLY HIGH

46.5795 RSD

YEARLY LOW

37.2334 RSD

YEARLY AVERAGE

41.6987 RSD

2011 TOP to RSD Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2011

During 2011, the TOP to RSD exchange rate experienced significant fluctuation. The market reached its absolute peak on December 30, valuing the pair at 46.5795. Conversely, the yearly low was recorded on April 25, dropping to 37.2334.

This high-to-low spread represents a total annual volatility of 9.3461 RSD. From a start-to-finish perspective, comparing the January average rate of 42.1770 to the December average rate of 45.0274, the exchange rate registered a net change of 6.76% (reflecting a strengthening trend).

Looking at year-over-year peak valuations, the 2011 high of 46.5795 was up 6.10% compared to the 2010 peak of 43.9008, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

Comparing the value generated converting 5,000 TOP based on timing:

Yearly Peak High 232,897 RSD

2010 Average 201,641 RSD

Yearly Trough Low 186,167 RSD

Transaction Impact: A difference of 46,730.54 RSD purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2011.

45.7061

37.5615

JanuMarcMayJulySeptNove

TOP to RSD Seasonal Trends & Volatility Analysis

A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.

Seasonal Halves (H1 vs H2)

Seasonal

The average exchange rate in the first half of the year (H1: Jan–Jun) was 39.8738, compared to 43.5235 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 3.6498 points.

H1 Avg (Jan–Jun) 39.8738

H2 Avg (Jul–Dec) 43.5235

Volatility Range Comparison

Volatility

The most volatile month in 2011 was July, with a trading range of 4.2007 RSD (High: 44.3204 / Low: 40.1198). On the other end, February was the most stable month, with a tight range of 0.9606 RSD (High: 41.1511 / Low: 40.1905).

July Spread (Volatile) ±4.2007

February Spread (Stable) ±0.9606

Growth Streaks & Declines

Trends

Between April and September, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 5 straight months. Conversely, the sharpest month-over-month decline occurred between March and April, when the average rate fell by 1.4269 points.

Longest Streak 5 Mo.

Sharpest MoM Drop -1.4269

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (December 2011: 45.0274) against the same month in 2010 (average: 42.7855), the exchange rate shifted by +2.2419 (+5.24%).

2011 Avg (December) 45.0274

2010 Avg (December) 42.7855

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	43.9931	40.8323	42.1770
February	41.1511	40.1905	40.7675
March	40.9193	38.7424	39.6671
April	39.2826	37.2334	38.2402
May	39.8255	37.5289	38.6696
June	41.2849	38.2986	39.7213
July	44.3204	40.1198	42.3593
August	44.9857	42.4093	43.4663
September	44.5848	42.9198	43.4785
October	44.5856	41.7741	42.6458
November	45.2420	43.2129	44.1639
December	46.5795	44.3761	45.0274