Understanding the exchange rate between the Sudanese Pound (SDG) and the US Dollar (USD) is crucial for anyone involved in international finance, remittances, or business with Sudan. The year 2023 was particularly significant due to notable fluctuations in this currency pair. This article provides a detailed breakdown of the SDG to USD performance throughout 2023, including key trends, monthly data, and important economic context.
2023 SDG to USD Exchange Rate Overview
The Sudanese Pound experienced a challenging year against the US Dollar in 2023. Here are the critical annual benchmarks:
- Highest Rate: 1 SDG = 0.001832 USD (November 20, 2023)
- Average Rate: 1 SDG = 0.001677 USD
- Lowest Rate: 1 SDG = 0.001663 USD (June 6, 2023)
Overall, the SDG depreciated against the USD by approximately 4.91% over the course of the year. This decline reflects broader economic pressures and market dynamics affecting Sudan's currency valuation.
Monthly Exchange Rate Breakdown
A month-by-month analysis helps to identify specific trends and volatility periods more clearly.
January 2023
The year began with the SDG trading at 0.001750 USD. It experienced some fluctuation throughout the month, ending at a lower rate of 0.001717 USD. The average for January was 0.001733 USD.
February 2023
A continued downward trend was observed in February. The rate slid from 0.001714 USD at the start of the month to 0.001696 USD by the end, with a monthly average of 0.001708 USD.
March 2023
March was a month of significant volatility. After a period of stability around 0.001685 USD, the rate unexpectedly spiked to 0.001758 USD on March 22nd, before sharply correcting back down. This anomaly resulted in a monthly average of 0.001694 USD.
April 2023
April saw rates generally decline, starting from 0.001679 USD and touching a low of 0.001665 USD. A brief mid-month peak occurred, but the month closed on a weaker note, averaging 0.001674 USD.
May 2023
Trading was relatively stable but weak throughout May. The rate hovered very close to its annual low, moving within a tight band between 0.001664 and 0.001671 USD. The average for the month was 0.001666 USD.
June 2023
June marked the annual low of 0.001663 USD. The rate remained at or near this bottom for the entire month, showcasing persistent pressure on the Sudanese Pound. The monthly average was 0.001663 USD.
July 2023
The currency showed minor signs of fluctuation in July, alternating between 0.001663 and 0.001665 USD. However, it failed to stage a significant recovery, ending the month with an average rate of 0.001664 USD.
August 2023
August continued the trend of a weakened Pound, with rates mirroring the lows of previous months. The average exchange rate for August was 0.001663 USD, indicating a prolonged period of stability at a low value.
September 2023
Similar to August, September saw the SDG trading within an extremely narrow range around 0.001663 USD, with a monthly average of 0.001663 USD.
October 2023
A slight increase in volatility occurred in October, with rates moving between 0.001663 and 0.001667 USD. The monthly average was slightly higher at 0.001664 USD.
November 2023
November was the most dramatic month of the year. After a stable first half, the SDG surged to its annual high of 0.001832 USD on November 20th. This peak was short-lived, as the rate plummeted back to previous levels within a single day. This extreme volatility brought the monthly average to 0.001673 USD.
December 2023
The year ended with the exchange rate returning to and stabilizing at its lowest levels. The rate remained constant at 0.001664 USD for the entire month, resulting in an average of 0.001664 USD.
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Factors Influencing the SDG/USD Rate in 2023
The value of a national currency is influenced by a complex interplay of factors. For the Sudanese Pound in 2023, these likely included:
- Domestic Economic Conditions: High inflation rates and economic instability within Sudan placed consistent downward pressure on its currency.
- Political Climate: Ongoing political uncertainty can erode investor confidence and lead to capital flight, weakening the local currency.
- Supply and Demand: The demand for USD for imports and international transactions often outweighs the supply, leading to depreciation of the SDG.
- Global Market Trends: Broader trends in the US Dollar's strength on the global stage also indirectly affect this pair.
Frequently Asked Questions
What was the average Sudanese Pound to US Dollar exchange rate in 2023?
The average exchange rate throughout 2023 was 1 Sudanese Pound = 0.001677 US Dollar. This figure is calculated based on the mean of all daily rates recorded during the year.
What was the highest SDG to USD rate in 2023?
The highest rate occurred on November 20, 2023, when 1 Sudanese Pound could be exchanged for 0.001832 US Dollars. This was a significant but temporary deviation from the prevailing trend.
What was the lowest SDG to USD rate in 2023?
The lowest point was recorded on June 6, 2023, with an exchange rate of 1 SDG to 0.001663 USD. The currency traded at or near this level for a large portion of the year.
Why did the Sudanese Pound lose value against the US Dollar in 2023?
The depreciation was primarily driven by domestic economic challenges, including high inflation and political instability, which reduced confidence in the local currency and increased demand for stable foreign currencies like the US Dollar.
How can I stay updated on current SDG to USD rates?
For the most accurate and real-time information, it is essential to use reputable financial data platforms that aggregate rates from multiple global sources. 👉 Get real-time exchange rate alerts
Is it better to exchange USD for SDG at a bank or a local market?
Exchange rates can vary significantly between official banks and unofficial markets. It is crucial to compare rates from authorized dealers and understand the regulations and risks associated with currency exchange in Sudan before proceeding.