The rupee surged by 31 paise to close at 75.59 (provisional) against the US dollar on Tuesday as positive domestic equities and a weak American currency in the overseas markets boosted investor sentiment.

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At the interbank forex market, the domestic unit opened strong at 75.74 against the greenback and witnessed an intra-day high of 75.41 and a low of 75.74 during the day's trade. It finally ended at 75.59 a dollar.

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In the previous session, the rupee had settled at 75.90 against the US dollar.

On the domestic equity market front, the BSE Sensex surged 497.00 points or 0.89 per cent to end at 56,319.01, while the broader NSE Nifty jumped 156.65 points or 0.94 per cent to 16,770.85.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.20 per cent to 96.35.

Brent crude futures, the global oil benchmark, surged 0.87 per cent to US dollar 72.14 per barrel.

Foreign institutional investors remained net sellers in the capital market on Monday, as they offloaded shares worth Rs 3,565.36 crore, according to exchange data