2023 TOP to UGX Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 TOP to UGX Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the TOP to UGX exchange rate experienced significant fluctuation. The market reached its absolute peak on December 30, valuing the pair at 1624.9866. Conversely, the yearly low was recorded on August 6, dropping to 1512.6856.
This high-to-low spread represents a total annual volatility of 112.3010 UGX. From a start-to-finish perspective, comparing the January average rate of 1584.7840 to the December average rate of 1609.3327, the exchange rate registered a net change of 1.55% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 1624.9866 was down 2.75% compared to the 2022 peak of 1670.8809, 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 UGX 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 1581.3213, compared to 1571.6973 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 9.6240 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was August, with a trading range of 65.6768 UGX (High: 1578.3624 / Low: 1512.6856). On the other end, October was the most stable month, with a tight range of 21.2815 UGX (High: 1577.3687 / Low: 1556.0873).
Growth Streaks & Declines
TrendsBetween August and December, 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 June and July, when the average rate fell by 11.8210 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 1609.3327) against the same month in 2022 (average: 1571.4110), the exchange rate shifted by +37.9217 (+2.41%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 1595.8306 | 1573.2368 | 1584.7840 |
| February | 1608.2799 | 1559.0351 | 1577.5288 |
| March | 1611.6177 | 1560.2989 | 1584.4085 |
| April | 1614.4140 | 1580.4259 | 1590.5025 |
| May | 1593.6920 | 1565.4469 | 1579.7126 |
| June | 1586.6388 | 1547.4936 | 1570.9915 |
| July | 1576.4210 | 1531.9992 | 1559.1705 |
| August | 1578.3624 | 1512.6856 | 1547.6273 |
| September | 1577.6624 | 1550.7260 | 1563.6506 |
| October | 1577.3687 | 1556.0873 | 1565.3781 |
| November | 1618.9749 | 1566.2112 | 1585.0246 |
| December | 1624.9866 | 1598.1440 | 1609.3327 |