2023 TOP to RWF Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 TOP to RWF Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the TOP to RWF exchange rate experienced significant fluctuation. The market reached its absolute peak on December 31, valuing the pair at 541.3080. Conversely, the yearly low was recorded on January 4, dropping to 454.4514.
This high-to-low spread represents a total annual volatility of 86.8567 RWF. From a start-to-finish perspective, comparing the January average rate of 461.3665 to the December average rate of 533.6574, the exchange rate registered a net change of 15.67% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 541.3080 was up 17.03% compared to the 2022 peak of 462.5284, indicating shifts in long-term support levels.
Comparing the value generated converting 5,000 TOP based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
TOP 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 470.4180, compared to 509.9072 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 39.4892 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was June, with a trading range of 24.5771 RWF (High: 498.4258 / Low: 473.8487). On the other end, August was the most stable month, with a tight range of 7.5377 RWF (High: 500.7174 / Low: 493.1797).
Growth Streaks & Declines
TrendsBetween March and July, 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 February and March, when the average rate fell by 1.0553 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 533.6574) against the same month in 2022 (average: 456.2870), the exchange rate shifted by +77.3704 (+16.96%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 468.1081 | 454.4514 | 461.3665 |
| February | 472.6024 | 461.6130 | 464.8660 |
| March | 471.6585 | 457.3029 | 463.8107 |
| April | 480.7156 | 468.1020 | 471.5064 |
| May | 481.7556 | 470.8055 | 475.6003 |
| June | 498.4258 | 473.8487 | 485.3579 |
| July | 505.3072 | 486.3617 | 497.5034 |
| August | 500.7174 | 493.1797 | 497.3682 |
| September | 512.1124 | 499.1561 | 503.2659 |
| October | 516.3673 | 504.4779 | 509.7568 |
| November | 526.7612 | 509.5390 | 517.8915 |
| December | 541.3080 | 527.2343 | 533.6574 |