2024 TOP to ZAR Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2024.
2024 TOP to ZAR Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2024
During 2024, the TOP to ZAR exchange rate experienced significant fluctuation. The market reached its absolute peak on February 25, valuing the pair at 8.1808. Conversely, the yearly low was recorded on November 7, dropping to 7.2610.
This high-to-low spread represents a total annual volatility of 0.9198 ZAR. From a start-to-finish perspective, comparing the January average rate of 7.9605 to the December average rate of 7.6186, the exchange rate registered a net change of -4.30% (reflecting a weakening trend).
Looking at year-over-year peak valuations, the 2024 high of 8.1808 was down 1.78% compared to the 2023 peak of 8.3289, 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 2024.
TOP 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 7.9089, compared to 7.5692 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.3397 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2024 was December, with a trading range of 0.4999 ZAR (High: 7.8930 / Low: 7.3931). On the other end, October was the most stable month, with a tight range of 0.1154 ZAR (High: 7.4944 / Low: 7.3790).
Growth Streaks & Declines
TrendsBetween October and December, 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 April and May, when the average rate fell by 0.1472 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (February 2024: 8.0333) against the same month in 2023 (average: 7.6690), the exchange rate shifted by +0.3643 (+4.75%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 8.1225 | 7.7850 | 7.9605 |
| February | 8.1808 | 7.8629 | 8.0333 |
| March | 8.0532 | 7.8667 | 7.9618 |
| April | 8.0676 | 7.7191 | 7.9210 |
| May | 7.9592 | 7.6542 | 7.7738 |
| June | 8.0563 | 7.5963 | 7.8031 |
| July | 7.8713 | 7.6190 | 7.7036 |
| August | 7.8790 | 7.4881 | 7.6407 |
| September | 7.6760 | 7.3207 | 7.5033 |
| October | 7.4944 | 7.3790 | 7.4379 |
| November | 7.6400 | 7.2610 | 7.5112 |
| December | 7.8930 | 7.3931 | 7.6186 |