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With the devaluation spree of the rupee refusing to budge, the Indian currency crossed the psychological mark of Rs. 56 against the U.S, Dollar for the third consecutive day on Wednesday. The early trade witnessed heavy demand for the American currency from importers amid concerns over euro-zone worries. Besides strong month-end demand from importers, particularly oil refiners, the euro's weakness against the American currency on persistent euro-zone worries, kept pressure on the Indian currency, dealers informed. At the Interbank Foreign Exchange ( Forex) market, the rupee opened at Rs 56 and continued its downward spiral to trade at Rs 56.16, down 49 paise against its Tuesday’s closure of Rs 55.67.

Rupee freefall breaches 56-mark, yet again