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Mumbai, The rupee depreciated 9 paise to settle at 82.84 (provisional) against the US dollar on Tuesday weighed down by safe-haven dollar demand and a muted trend in domestic equities. Foreign fund outflows also weighed on the local unit, analysts said. At the interbank foreign exchange, the domestic unit opened at 82.80 against the dollar and finally ended the day at 82.84 (provisional), registering a fall of 9 paise from its previous close. During the session, the local unit touched a peak of 82.78 and hit the lowest level of 82.85. On Monday, the rupee had settled at 82.75 against the dollar. The Indian rupee depreciated on Tuesday on a positive dollar and a weak tone in domestic markets. FII outflows also weighed on rupee. However, weak crude oil prices cushioned the downside, said Anuj <keyword id="3120" type="General" weightage="80" keywordseo="choudhary" source="Orion">Choudhary</keyword> - Research Analyst at Sharekhan by BNP Paribas. The US dollar gained on safe-haven demand on risk aversion in global markets and hawkish Fedspeak. <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> official <keyword id="18324103" type="General" weightage="80" keywordseo="michele-bowman" source="Orion">Michele Bowman</keyword> said additional rate hikes will likely be needed to bring inflation to its target of 2 per cent, Choudhary added. "We expect the rupee to trade with a negative bias on strong US dollars and risk aversion in global markets. Selling pressure by foreign investors may also weigh on the rupee," Choudhary said. Traders may remain cautious ahead of RBI's monetary policy and US inflation data Thursday. RBI is expected to keep its monetary policy unchanged. Traders may also watch out for US trade balance data. "We expect the USDINR spot to trade in the range of 82.40 to 83.30 in the near-term," Choudhary added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.41 per cent to 102.46. Brent crude futures, the global oil benchmark, declined by 1.73 per cent to USD 83.86 per barrel. On the domestic equity market front, the 30-share BSE Sensex closed 106.98 points or 0.16 per cent lower at 65,846.50 points. The broader <keyword id="372424" type="General" weightage="50" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> declined 26.45 points or 0.13 per cent to close at 19,570.85 points. <keyword id="6438315" type="General" weightage="50" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 1,892.77 crore, according to exchange data.

Rupee falls 9 paise to close at 82.84 against US dollar

<ul class="summary-list"><li>Trump's hush-money sentencing is scheduled for September 18 in Manhattan.</li><li>But his lawyers plan to throw a monkey wrench that could delay things until well after Election Day.</li></ul>Donald Trump's rap sheet is a work in progress these days.Under the former president's current court schedule, he will greet Election Day as a sentenced felon.But legal scholars predict Trump is about to use his new presidential immunity powers to execute an unprecedented legal maneuver, one that will <a target="_blank" class="" href="https://www.businessinsider.com/recusal-loss-trumps-hush-money-sentencing-faces-one-more-hurdle-2024-8">delay his hush-money sentencing</a>, now set for September 18, until well after voters cast their ballots.Two days before his sentencing, Trump, they predict, will seek something never before allowed in the appellate courts in New York or in most states for that matter: an interlocutory appeal.Interlocutory is just a fancy, legal term for the kind of appeal that is filed before a case wraps up on the trial-court level.Former Manhattan prosecutors and judges <a target="_blank" class="" href="https://www.businessinsider.com/trump-cant-outrun-his-ny-sentencing-despite-new-immunity-superpowers-2024-7">have told Business Insider </a>that New York's <a target="_blank" class="" href="https://codes.findlaw.com/ny/criminal-procedure-law/cpl-sect-450-10/">criminal procedure law</a> simply does not allow the kind of pre-sentence, interlocutory appeal Trump is already signaling he plans to seek, one that challenges the admissibility of the evidence used against him.Defendants only get to appeal their convictions after, not before, sentencing, according to experts in New York trial and appellate law."That's black letter law," meaning well-established and beyond dispute, former Manhattan financial crimes prosecutor John Moscow told BI.But Trump's lawyers have something up their sleeves they say trumps black letter, state-level law: a shiny new, big ol' legal monkey wrench called <a target="_blank" class="" href="https://www.businessinsider.com/scotus-would-let-second-term-president-trump-run-rampant-experts-2024-7">presidential immunity</a>.<div type="image" title="Donald Trump addresses reporters outside the Manhattan courtroom where his hush-money trial was held. Behind him stands defense lawyer Todd Blanche." height="1678" width="2500" msid="112782199" hostid="261" sizebytes="394588"></div><h2 id="95df742c-2565-4c6c-8eb7-0a36ed7d8980">A battle over immunity</h2>The US Supreme Court last month found that a president's official acts cannot be used against him in a criminal prosecution. Trump now says that's just what happened, improperly, when he was <a target="_blank" class="" href="https://www.businessinsider.com/trump-hush-money-trial-verdict-2024-5">convicted of 34 felony counts</a> of falsifying business records to hide a 2016 election-eve hush-money payment to porn actress Stormy Daniels.Trump has asked his trial judge, state Supreme Court Justice Juan Merchan, <a target="_blank" class="" href="https://www.businessinsider.com/trump-tests-limits-scotus-immunity-ruling-wants-manhattan-conviction-tossed-2024-7">to toss the entire case</a> on that basis. He's arguing that some of the evidence used against him involved official acts from his first and second years in office, including an incriminating conversation he had about the hush-money payment <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-hush-money-trial-hope-hicks-witness-stand-2024-5">with former White House advisor Hope Hicks</a>.Manhattan prosecutors have countered that <a target="_blank" class="" href="https://www.businessinsider.com/trumps-immunity-no-bearing-hush-money-conviction-da-bragg-2024-7">any official-act evidence was inconsequential</a> — "a sliver of the mountains of testimony and documentary proof" as they put it court papers — and so the conviction should stand.<a target="_blank" class="" href="https://www.businessinsider.com/trump-judge-juan-merchan-manhattan-mental-health-court-wednesday-2024-5">Merchan</a> has promised a written decision on September 16, just two days before the scheduled sentencing.<h2 id="b1f4c95a-e19e-4dd1-a07b-c07113d958c8">A legal monkey wrench to be reckoned with</h2>Legal scholars believe that Merchan will side with prosecutors. And they expect that Trump will then immediately start swinging his immunity monkey wrench up through the layers of the state's appellate courts — and the federal appeals courts, too, if necessary.Trump won't stop swinging, they predict, until he finds a judge who will "stay," or delay, a proceeding where he faces a sentence of probation, community service, fines, and <a target="_blank" class="" href="https://www.businessinsider.com/nyc-judges-weigh-in-on-trump-hush-money-sentencing-2024">anywhere from zero to four years in prison.</a>The sentencing will likely remain on ice, said experts in constitutional and appellate law, as this interlocutory appeal drags on in an effort to overturn Merchan and kill the case in its entirety on official-act-evidence grounds."He does have some not-crazy arguments," said Michel Paradis, an attorney who teaches national security and constitutional law at Columbia Law School.Trump attorneys Todd Blanche and Emil Bove first hinted that this was their strategy in <a target="_blank" class="" href="https://www.documentcloud.org/documents/25045312-ny-v-trump-defense-adjournment-request-20240814">an August 14 letter </a>to Merchan asking to delay the sentencing until after the election.Even Trump's Manhattan prosecutors are conceding that this is a legal monkey wrench to be reckoned with. On August 16, they declined to take a stand on whether the sentencing should be delayed. Instead, they deferred to Merchan on scheduling, "given the defense's newly-stated position" that an interlocutory appeal is planned.By Friday, the scheduling remained unchanged. Trump remains due in court on September 18.<div type="image" title="An excerpt from a letter New York Supreme Court Justice Juan Merchan sent the parties in the hush-money case, setting September 18 as a firm court date." height="570" width="1602" msid="112782196" hostid="261" sizebytes="34284"></div>"Bragg's willingness to punt the question to the judge shows that even the DA recognizes the strength of Trump's argument," said Paradis, referring to Manhattan District Attorney Alvin Bragg.A spokesperson for the DA's office declined to comment. A lawyer for Trump did not immediately respond to a request for comment.<h2 id="c5a1f91f-68a0-49ab-b6cc-8b9560e14794">SCOTUS may help</h2><div type="image" title="Donald Trump sits at the defense table at his Manhattan hush-money trial. He is flanked by attorneys Todd Blanche and Emil Bove." height="1667" width="2500" msid="112782197" hostid="261" sizebytes="199518"></div>Moscow, the former Manhattan financial crimes prosecutor who now works at Lewis Baach Kaufmann Middlemiss PLLC, believes Trump will be quickly laughed out of court as he begins appealing on the state level.Claiming that his state appeal bears any resemblance to his SCOTUS case is "arrogant and wrong," he said.But Trump won't take "no" for an answer should his first-level state appeal fail, experts said."If New York's courts deny him a right to appeal, he can challenge the decision in federal court," said Paradis. If the federal district court in Manhattan says no, "he can appeal that to the second circuit federal court of appeals."If he is denied a stay at any point, Trump can also quickly ask SCOTUS for one, the professor added, adding that the Supreme Court has been "pretty sympathetic" to him."But if you look to analogous precedents in the national security, diplomatic, and even attorney-client context, Trump has a real argument to make" in favor of an interlocutory appeal, Paradis said.Trump's hush money case, meanwhile, would remain in limbo — unsentenced and unfinalized — as whatever appellate safe haven he's landed in weighs if the case <a target="_blank" class="" href="https://www.businessinsider.com/trump-now-says-scotus-immunity-voids-entire-hush-money-indictment-2024-7">should be thrown out in its entirety</a> because Manhattan prosecutors improperly relied on the kind of "official act" evidence now forbidden for use against a former president.Frank Bowman, a University of Missouri emeritus law professor, predicts that New York's appellate judges "will say Merchan has made his decision — that it's essentially a limited, evidentiary decision — and the best time to address that is on appeal following sentencing.""It will take weeks at best, and months more likely," he predicted.Still, "We're in bizarro world here," he joked. "Anything can happen."

An unprecedented legal move could let Trump delay his hush-money sentencing until after Election Day

<ul class="summary-list"><li>President Joe Biden's positions in recent weeks have put him at odds with young activists and some Democrats.</li><li>Rep. Maxwell Frost says Biden broke his promise to young voters by approving oil drilling in Alaska.</li></ul>President Joe Biden's positions in recent weeks have put him at odds with young activists and members of his party, including the first Gen-Z member of Congress.Rep. Maxwell Frost, 26, says he is "very disappointed" in Biden for approving the <a href="https://static.conocophillips.com/files/resources/fact-sheet-willow-final.pdf" target="_blank" rel="noopener nofollow">$8 billion</a> ConocoPhillips Willow oil project in Alaska, one of the largest-ever drilling projects on federal land. <a href="https://www.businessinsider.com/biden-violates-promise-ban-oil-drilling-federal-land-alaska-willow-2023-3">The move broke Biden's campaign promise to stop new oil drilling</a> on federal land. The representative from Florida says it breaks Biden's commitment to young voters."Youth voter turnout was at its highest in 2020 &amp; young folks supported him because of commitments such as 'no more drilling on federal land,'" Frost tweeted on Tuesday night. "That commitment has been broken. We deserve a livable future."Biden made a "dangerous choice" ahead of 2024 by siding with the fossil fuel industry instead of sticking to his own goals and listening to millions of young people who carried his party for the last three cycles, said Michele Weindling, electoral director for the youth climate action group Sunrise Movement. "We understand the threat of the GOP, but we also need a vision and a commitment to the values that we care about that will make our lives better," she told Insider.Young voters played a key role in Biden's 2020 victory, with <a href="https://www.nbcnews.com/politics/2020-elections/exit-polls?icid=election_nav" target="_blank" rel="noopener">those aged 18 to 24</a> at the time <a href="https://www.cnbc.com/2020/11/18/the-2020-election-shows-gen-zs-voting-power-for-years-to-come.html" target="_blank" rel="noopener">voting for him more than any other age group</a>. After the 2022 midterm elections, Biden thanked young people for voting in <a href="https://circle.tufts.edu/latest-research/half-youth-voted-2020-11-point-increase-2016" target="_blank" rel="noopener">historic numbers</a> as they did two years prior, acknowledging in a <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/11/09/remarks-by-president-biden-in-press-conference-8/">post-election news conferenc</a>e that "they voted to continue addressing the climate crisis, gun violence, their personal rights and freedoms, and the student debt relief."Biden also specifically referenced his congratulatory call to Frost on his election victory, adding that he told Frost, "when he's President and they say, 'Joe Biden is out in the outer office,' I don't want him to say, 'Joe who?'" In November, <a href="https://www.cnn.com/2022/11/21/politics/joe-biden-reelection-2024-trump-republican/index.html" target="_blank" rel="noopener">Frost praised Biden</a> in an interview with CNN, saying: "He's been unafraid to put forth bold, transformational ideas and policies, and that's really what excites young voters." He cited legislation on infrastructure and health care and the Inflation Reduction Act, which includes measures to combat climate change.But on Tuesday night, Frost retweeted a statement from the activist group Gen-Z for Change, a group that was invited to the White House for the Inflation Reduction Act ceremony that now says it is "gravely angered" by the Willow project decision. "There is no deeper form of betrayal than watching a president who has claimed to value the voices of youth and to respect Indigenous sovereignty blatantly disregard one of our generations' largest and clearest movements," the statement says.Interior Secretary Deb Haaland, <a href="https://twitter.com/SecDebHaaland/status/1635428951047766017" target="_blank" rel="noopener">in a video on Monday</a>, called the Willow Project a "difficult and complex issue that was inherited" because it involves existing leases issued by previous administrations as far back as the 1990s. "We had limited decision space" she said, noting what was approved is "substantially smaller" than ConocoPhillips originally proposed.A Biden advisor, responding to a media "narrative" that Biden is taking different positions and hasn't previously had disagreements with progressives, said the administration "has the best relationship with the left and the progressive community of any in modern history.""Together we've fulfilled long-delayed progressive goals on climate, Medicare, and much more," the advisor said in a statement. "Throughout that there have been disagreements on specific issues, but ceaseless unity on the overall agenda. Look to the entire party's embrace of the President's budget vision last week, the left's positive reaction to the State of the Union, and top progressives joining all manner of other Democrats crediting President Biden with the best midterms for a new Democratic President in 60 years."<h2>Recent Biden moves draw fire from progressives</h2>Progressives have supported many parts of Biden's agenda, but his decisions this month on the Willow project and to allow <a href="https://www.businessinsider.com/democrats-vent-over-biden-position-on-dc-crime-law-2023-3">Congress to overrule a DC crime law have drawn sharp criticism.</a>Rep. Jamaal Bowman of New York <a href="https://www.businessinsider.com/democrats-vent-over-biden-position-on-dc-crime-law-2023-3">called the DC decision "very infuriating"</a> because the District's criminal code was "antiquated" and Congress should "allow DC to conduct its own business." Biden at the time said he supported DC statehood and home rule, but he opposed some of the changes to their criminal code, such as lowering penalties for carjacking.Bowman told Insider earlier this month that Biden's decision on the DC crime bill wouldn't impact his 2024 grassroots support "on balance," given that Biden will likely run without Democratic opposition and "it's more likely that the progressive activists are gonna vote for Biden over the Republican challenger."When contacted after the Willow project decision, <a href="https://twitter.com/RepBowman/status/1635362135567118336" target="_blank" rel="noopener">which Bowman opposed</a>, he said his thinking had not changed. But he added that he is "very concerned about young people staying home in 2024. We need them."Sunrise Movement's Weindling said she isn't sure what impact the Alaska drilling decision might have in 2024. But she said it makes activists' jobs harder in trying to get Democrats elected because young people are more mobilized to vote when they believe there are candidates "willing to fight for us.""I think it's important that President Biden recognize this as a mistake to our generation and make necessary moves in the next year and a half to prove to us that he is serious about fighting for us," she said. "President Biden has a responsibility to uphold the commitments he made to us when we helped elect him and then saved the Democratic Party in 2022."Republican candidates who have declared their 2024 candidacies so far include Former President Donald Trump, former South Carolina Gov. Nikki Haley, and entrepreneur Vivek Ramaswamy. Biden has not yet declared his candidacy but is expected to do so soon.Trump's strategy is to out-flank Republicans and neutralize Biden on economic populist issues, and Biden needs to push back on that front, said Adam Green, co-founder of Progressive Change Campaign Committee."With so much at stake in 2024, this is a really bad time for Biden to be perceived as soft on oil companies — or on bankers who looted their own bank as it was in freefall," he said, <a href="https://www.cnbc.com/2023/03/11/silicon-valley-bank-employees-received-bonuses-hours-before-takeover.html" target="_blank" rel="noopener">referring to a CNBC report </a>of Silicon Valley Bank employees receiving bonuses before regulators seized the failed bank. "It would be a political asset to go hard at the bankers, oil executives, pharma executives, and other odious actors in this moment."

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Rupee falls 9 paise to close at 82.84 against US dollar

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