The Indian rupee dropped 56 paise to a historic low of Rs 53.40 per US dollar in early trade today. The rupee resumed lower at Rs 53.11 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 52.85 per dollar, and dropped further to an all-time low of Rs 53.40 per dollar before quoting at Rs 53.28 per dollar in morning deals.The US dollar gained against major currency rivals in the New York market yesterday, while the euro fell to its lowest level in two weeks amid renewed concerns on the region's sovereign debt crisis.