The Indonesian rupiah dipped to around IDR 17,950 per U.S. dollar on Wednesday, marking its fourth straight session of losses as the dollar index hovered near a 14-month high on expectations of further Fed tightening. Risk aversion also deepened after a sharp sell-off in tech stocks, boosting demand for haven assets. Locally, caution grew ahead of next week's June CPI data, with concerns that food costs could keep price pressures elevated. Annual inflation quickened to 3.08% in May from the prior 2.42%, driven by higher staple food and logistics costs. On the trade front, April surplus shrank to its lowest since 2020, reducing support from export inflows. Sentiment was further hit by news that major Japanese automakers may shift production to Vietnam, raising concerns over investment, jobs, and factory outlook. Still, the decline was capped by the central bank's hawkish bias, with a total of 100 bps since May, and reports that MSCI delayed its reviews of Indonesia’s market to November.