A senior Iranian lawmaker has proposed that transit fees for vessels passing through the Strait of Hormuz be paid in Iran’s national currency, the rial, according to a statement shared via Iran’s consulate general in Mumbai on social media.

Iran’s national currency has fallen to an unprecedented low, with the rial trading at around 1.5 million to the US dollar on the open market, according to local exchange shops.

Iran’s currency fell to its lowest level in history on Monday, approaching 1,250,000 rials per U.S. dollar in the open rate market, News.Az reports, citing Reuters.

Iran’s rial currency hit a record low against the US dollar on Saturday, with over 1 million rials required for a single greenback, as the country resumed work after a long holiday. Tensions between Tehran and Washington are expected to push the rial even lower.

Iran's rial hit its lowest value in history on Wednesday, falling more than 10% since Donald Trump won the U.S. presidential election in November.

Amid increasing tensions between Iran and Israel, the Iranian rial has fallen to an unprecedented low, now valued at less than 1/10,000th of its worth before the Islamic Republic's establishment.