Indonesia may raise interest rate again to protect the rupiah and curb market volatility, according to analysts, after the central bank’s surprise tightening on Tuesday helped the currency rebound from record lows and boosted stocks.

Indonesian stocks plunged to their lowest level in five years and the rupiah hit a record low in another stark reminder of the multi-faceted challenges confronting Southeast Asia’s biggest economy.

Indonesian markets tumbled on Thursday, with the rupiah breaching the key 18,000-per-dollar level and stocks hitting a near six-year low, as mounting policy uncertainty and macro headwinds spooked investors.