Set default value on form element

I have a rule that checks the user role and if true should set the value of a form to match it, then hide that element so the user doesn't have a choice anymore.

Here's the form element I want to process:

Under rules settings for event I have set "user currency select form is being built"

Conditions: if user has role = National.

For the Action, I choose 'set default value of form element' and enter form element ID ='cid' (Because rules tells me: "Element ID: cid" for that element.)

Under default value I enter '64' because I want the role 'National' matched with 'Currency 1'.

When I access the form rules tells me:
#2.491 ms Condition "User has role(s)" evaluated to TRUE.
456.457 ms Action execution: "Set default value on form element 'cid'"

however when I submit the form (with user role National" the validator tells me I still have to make a selection.

Any advice would be appreciated. Thanks
Aja