According to CoinMeta, due to the strengthening of the US dollar and warnings related to MSCI, the Indonesian rupiah fell by 0.3% to 18204 against the US dollar on Thursday, breaking through the previous record low of 18190 set in early June. The Jakarta Composite Index rose by 0.8%, and the yield on 10-year government bonds remained stable at 7.62%. As markets expect the Federal Reserve to resume interest rate hikes next month, the US dollar strengthened overnight, putting new pressure on the Indonesian rupiah. Meanwhile, MSCI proposed in October to reclassify Indonesia as an independent market, which has made investors more cautious. Goldman Sachs estimates that if this happens, approximately $5.6 billion in passive funds could flow out. The warnings from MSCI have exacerbated a series of concerns already weighing on Indonesian assets, including policy uncertainty and the risk of a downgrade in sovereign ratings. Persistently high oil prices have also increased the cost of government subsidies and put pressure on public finances. The Indonesian rupiah has fallen by more than 8% against the US dollar this year, making it the worst-performing currency in Asia.