Generally, trading was thin in Asia on the first day of the new week because several markets are still closed for Easter celebrations. Amid such thin trade energy(-related) stocks performed well as crude oil prices are hanging on around the USD $40 per barrel level.

However, expectation of another US interest rate hike in the USA seriously undermines risk appetite and emerging market sentiment (causing capital outflows from these markets), while the US dollar appreciates against most other currencies. The greenback is now heading for its longest rally against the Japanese yen since October 2015. Investors are currently also waiting for the speech of Fed Chair Janet Yellen. On Tuesday (29/03) she will speak on the topic of the US economy and monetary policy.

The Indonesian rupiah was one of the worst-performing emerging market currencies today (against the US dollar) weakening to a four-week low on concern about an April US interest rate hike. Investors will be eagerly awaiting for US employment data that are to be released later this week, in search of clues whether the Federal Reserve could tighten its monetary policy soon. Other interesting data on the radar of investors is China's manufacturing data (due on Friday).

Government bonds of Indonesia also declined, with the ten-year yield climbing three basis points to 7.80 percent.

Meanwhile, Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.55 percent to IDR 13,323 per US dollar on Monday (28/03).

Indonesian Rupiah versus US Dollar (JISDOR):

| Source: Bank Indonesia