The rupee declined by 32 paise to 85.64 against the US dollar in early trading on Thursday, weighed down by a negative trend in domestic equities.

According to forex traders, investors are closely watching US Federal Reserve Chair Jerome Powell’s speech scheduled for later in the day, as it may provide key insights into the Central Bank’s stance on monetary policy easing.

However, the local currency found some support from a weaker US dollar and a decline in crude oil prices, which helped limit further losses.