The rupee plunged 43 paise to close at 88.26 (provisional) against the US dollar on Monday, as broad strength in crude oil prices and month-end dollar demand from importers weighed on investor sentiment.

Forex traders said the rally in crude oil prices was driven by a potential US-China trade deal, which supports expectations for a stronger global oil demand.

At the interbank foreign exchange, the rupee opened at 87.87 against the greenback and fell to an intra-day low of 88.31 and a high of 87.86. It finally closed the day at 88.26 (provisional) against the greenback, down 43 paise from its previous close.

On Friday, the rupee appreciated 5 paise to close at 87.83 against the US dollar.

Traders continue to watch developments around trade negotiations and geopolitical events for furthe

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