2023 ZAR to RWF Historical Review
A comprehensive breakdown of exchange rate performance throughout the year 2023.
2023 ZAR to RWF Performance & Market Timing Review
Analysis of key historical highlights and timing insights for 2023
During 2023, the ZAR to RWF exchange rate experienced significant fluctuation. The market reached its absolute peak on December 31, valuing the pair at 68.9575. Conversely, the yearly low was recorded on May 25, dropping to 56.9997.
This high-to-low spread represents a total annual volatility of 11.9577 RWF. From a start-to-finish perspective, comparing the January average rate of 62.9377 to the December average rate of 67.4444, the exchange rate registered a net change of 7.16% (reflecting a strengthening trend).
Looking at year-over-year peak valuations, the 2023 high of 68.9575 was down 2.20% compared to the 2022 peak of 70.5072, indicating shifts in long-term support levels.
Comparing the value generated converting 50,000 ZAR based on timing:
Trend Visualization
Monthly average fluctuations over the course of 2023.
ZAR 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 60.7392, compared to 64.8132 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 4.0740 points.
Volatility Range Comparison
VolatilityThe most volatile month in 2023 was July, with a trading range of 6.7976 RWF (High: 67.3540 / Low: 60.5564). On the other end, January was the most stable month, with a tight range of 2.0119 RWF (High: 64.0987 / Low: 62.0868).
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 April and May, when the average rate fell by 2.3185 points.
Same-Month Historical Baseline
YoY BaselineComparing the current year's strongest month average (December 2023: 67.4444) against the same month in 2022 (average: 61.9334), the exchange rate shifted by +5.5109 (+8.90%).
Monthly Breakdown
Statistical summary for each calendar month.
| Month | High | Low | Average |
|---|---|---|---|
| January | 64.0987 | 62.0868 | 62.9377 |
| February | 63.7397 | 59.0812 | 60.6354 |
| March | 62.3080 | 57.4580 | 59.8848 |
| April | 62.7121 | 59.7490 | 61.0897 |
| May | 61.0563 | 56.9997 | 58.7712 |
| June | 63.0458 | 57.4987 | 61.1166 |
| July | 67.3540 | 60.5564 | 64.1850 |
| August | 64.4327 | 61.7647 | 62.9848 |
| September | 64.6636 | 62.2549 | 63.4500 |
| October | 65.9240 | 62.0409 | 64.2170 |
| November | 68.5523 | 65.3714 | 66.5981 |
| December | 68.9575 | 65.5362 | 67.4444 |