The rupee on Monday settled at an all-time low of 84.12 against the dollar pressured by unyielding FPI outflows and a crash in the stock markets amid worries over the outcome of a tightly contested US Presidential elections.

Forex circles said the rupee would have fared worse had the Reserve Bank not intervened to prop it up and the dollar ruled firm overseas.

The Indian central bank has maintained a tight leash on the rupee’s movement through its frequent dollar sales.

The RBI has often maintained it does not target any specific level for the rupee, but is intervening to curb excess volatility.

At the inter-bank foreign exchange, the rupee opened at 84.07 against the dollar. During the session, the local currency moved between a high of 84.06 and a low of 84.12. It finally settled at a record low of 84.12 against its previous close of 84.0925.

The forex market was closed last Friday on account of Diwali.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.63 per cent lower at 103.63.