diff --git a/src/pages/iou/steps/MoneyRequestAmountPage.js b/src/pages/iou/steps/MoneyRequestAmountPage.js
index e25f7acb0553..fc27a7779041 100755
--- a/src/pages/iou/steps/MoneyRequestAmountPage.js
+++ b/src/pages/iou/steps/MoneyRequestAmountPage.js
@@ -178,7 +178,7 @@ function MoneyRequestAmountPage(props) {
     const isEditing = useRef(lodashGet(props.route, 'path', '').includes('amount'));
 
     const [amount, setAmount] = useState(selectedAmountAsString);
-    const [selectedCurrencyCode, setSelectedCurrencyCode] = useState(props.iou.currency);
+    const [selectedCurrencyCode, setSelectedCurrencyCode] = useState(props.iou.currency || CONST.CURRENCY.USD);
     const [shouldUpdateSelection, setShouldUpdateSelection] = useState(true);
     const [selection, setSelection] = useState({start: selectedAmountAsString.length, end: selectedAmountAsString.length});
 
@@ -276,16 +276,14 @@ function MoneyRequestAmountPage(props) {
     }, [props.iou.participants, props.iou.amount, props.iou.id]);
 
     useEffect(() => {
-        if (!props.route.params.currency) {
+        if (props.route.params.currency) {
+            setSelectedCurrencyCode(props.route.params.currency);
             return;
         }
-
-        setSelectedCurrencyCode(props.route.params.currency);
-    }, [props.route.params.currency]);
-
-    useEffect(() => {
-        setSelectedCurrencyCode(props.iou.currency);
-    }, [props.iou.currency]);
+        if (props.iou.currency) {
+            setSelectedCurrencyCode(props.iou.currency);
+        }
+    }, [props.route.params.currency, props.iou.currency]);
 
     useEffect(() => {
         saveAmountToState(props.iou.currency, props.iou.amount);