The Indian rupee closed at a record low of 84.11 per US dollar on Monday as foreign investors sold local financial assets, and as traders turned risk averse ahead of presidential elections in the US. The local currency also made an intraday record low of 84.12/$1.The rupee depreciated 4 paisa, to close at 84.11/$1, versus its previous close of 84.07 per dollar, LSEG data showed. Likely interventions by the Reserve Bank of India (RBI) helped prevent a sharper decline. However, the RBI was not very aggressive in its dollar sales on Monday, traders said.Foreign investors provisionally sold Rs. 4,329 crore of financial assets on Monday, BSE data showed.“After the previous record low closing of 84.08/$1, the RBI has let the rupee depreciate further to 84.11/$1. The RBI was also not very aggressive in protecting the rupee, and let it depreciate by another 4 paisa,” said Dilip Parmar, currency Research Analyst at HDFC securities.114961167Rising oil prices also put pressure on the rupee. Oil prices rose more than 2% on Monday because of a decision by OPEC+ to delay plans to increase output by a month. Brent oil rose by 2.5%, to $74.91 a barrel, according to Reuters. A rise in oil prices is detrimental to India's inflation and its trade deficit, as the country is a major importer of the commodity.In the offshore non-deliverable forwards (NDF) market, the rupee was trading at 84.22/$1, according to Bloomberg data. The levels in the NDF market works as a proxy to the currency.“Markets are now pricing in levels around 84.20/$1 for the coming weeks, and are expecting a steady depreciation in the rupee,” Parmar said.Investors will now be watching out for the Federal Open Market Committee by the US Fed for further rate cuts. Investors also expect some uncertainty as the winner of the U.S. presidential race might not be known for days after voting ends.