It helps to maintain the concentration of the sap inside the plant body: The roots continue to absorb water from the soil. If excess water does not evaporate through transpiration, the sap will become dilute, preventing further absorption of water and minerals from the soil.
Cooling effect: In transpiration, water gets evaporated from the plant. The heat required for evaporation of water is obtained from the plant itself and thus, the plant cools itself when it is hot outside.