2023 ZAR to TOP Historical Review

YEARLY HIGH

0.1394 TOP

YEARLY LOW

0.1201 TOP

YEARLY AVERAGE

0.1281 TOP

2023 ZAR to TOP Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2023

During 2023, the ZAR to TOP exchange rate experienced significant fluctuation. The market reached its absolute peak on January 4, valuing the pair at 0.1394. Conversely, the yearly low was recorded on May 25, dropping to 0.1201.

This high-to-low spread represents a total annual volatility of 0.0193 TOP. From a start-to-finish perspective, comparing the January average rate of 0.1364 to the December average rate of 0.1264, the exchange rate registered a net change of -7.37% (reflecting a weakening trend).

Looking at year-over-year peak valuations, the 2023 high of 0.1394 was down 10.57% compared to the 2022 peak of 0.1559, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

Comparing the value generated converting 50,000 ZAR based on timing:

Yearly Peak High 6,970 TOP

2022 Average 7,138 TOP

Yearly Trough Low 6,003 TOP

Transaction Impact: A difference of 967.12 TOP purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2023.

0.1377

0.1223

JanuMarcMayJulySeptNove

ZAR to TOP 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 0.1292, compared to 0.1271 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.0021 points.

H1 Avg (Jan–Jun) 0.1292

H2 Avg (Jul–Dec) 0.1271

Volatility Range Comparison

Volatility

The most volatile month in 2023 was July, with a trading range of 0.0105 TOP (High: 0.1337 / Low: 0.1232). On the other end, September was the most stable month, with a tight range of 0.0030 TOP (High: 0.1275 / Low: 0.1246).

July Spread (Volatile) ±0.0105

September Spread (Stable) ±0.0030

Growth Streaks & Declines

Trends

Between May and July, 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 January and February, when the average rate fell by 0.0060 points.

Longest Streak 2 Mo.

Sharpest MoM Drop -0.0060

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (January 2023: 0.1364) against the same month in 2022 (average: 0.1468), the exchange rate shifted by -0.0104 (-7.09%).

2023 Avg (January) 0.1364

2022 Avg (January) 0.1468

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	0.1394	0.1328	0.1364
February	0.1359	0.1277	0.1304
March	0.1324	0.1256	0.1291
April	0.1321	0.1267	0.1296
May	0.1288	0.1201	0.1236
June	0.1289	0.1213	0.1259
July	0.1337	0.1232	0.1290
August	0.1293	0.1243	0.1266
September	0.1275	0.1246	0.1261
October	0.1288	0.1230	0.1260
November	0.1319	0.1250	0.1286
December	0.1287	0.1239	0.1264