diff --git a/src/libs/IOUUtils.ts b/src/libs/IOUUtils.ts
index 55317c9c050c..1aafe09c53fe 100644
--- a/src/libs/IOUUtils.ts
+++ b/src/libs/IOUUtils.ts
@@ -53,9 +53,18 @@ function calculateAmount(numberOfParticipants: number, total: number, currency:
  * If user1 requests $17 from user2, then we have: {ownerAccountID: user1, managerID: user2, total: $7 (still a positive amount, but now owed to user1)}
  *
  * @param isDeleting - whether the user is deleting the request
+ * @param isUpdating - whether the user is updating the request
  */
-function updateIOUOwnerAndTotal<TReport extends OnyxEntry<Report>>(iouReport: TReport, actorAccountID: number, amount: number, currency: string, isDeleting = false): TReport {
-    if (!iouReport?.currency) {
+function updateIOUOwnerAndTotal<TReport extends OnyxEntry<Report>>(
+    iouReport: TReport,
+    actorAccountID: number,
+    amount: number,
+    currency: string,
+    isDeleting = false,
+    isUpdating = false,
+): TReport {
+    // For the update case, we have calculated the diff amount in the calculateDiffAmount function so there is no need to compare currencies here
+    if ((currency !== iouReport?.currency && !isUpdating) || !iouReport) {
         return iouReport;
     }
 
diff --git a/src/libs/actions/IOU.ts b/src/libs/actions/IOU.ts
index 6be6d347e223..fb61bf3565ab 100644
--- a/src/libs/actions/IOU.ts
+++ b/src/libs/actions/IOU.ts
@@ -1138,7 +1138,7 @@ function getUpdateMoneyRequestParams(
             updatedMoneyRequestReport.total -= diff;
         } else {
             updatedMoneyRequestReport = iouReport
-                ? IOUUtils.updateIOUOwnerAndTotal(iouReport, updatedReportAction.actorAccountID ?? -1, diff, TransactionUtils.getCurrency(transaction), false)
+                ? IOUUtils.updateIOUOwnerAndTotal(iouReport, updatedReportAction.actorAccountID ?? -1, diff, TransactionUtils.getCurrency(transaction), false, true)
                 : {};
         }
         updatedMoneyRequestReport.cachedTotal = CurrencyUtils.convertToDisplayString(updatedMoneyRequestReport.total, updatedTransaction?.modifiedCurrency);
@@ -1739,7 +1739,7 @@ function createSplitsAndOnyxData(
                 oneOnOneIOUReport.total -= splitAmount;
             }
         } else {
-            oneOnOneIOUReport = IOUUtils.updateIOUOwnerAndTotal(oneOnOneIOUReport, currentUserAccountID, splitAmount, currency);
+            oneOnOneIOUReport = IOUUtils.updateIOUOwnerAndTotal(oneOnOneIOUReport, currentUserAccountID, splitAmount, currency, false);
         }
 
         // STEP 3: Build optimistic transaction
@@ -2363,7 +2363,7 @@ function completeSplitBill(chatReportID: string, reportAction: OnyxTypes.ReportA
                 oneOnOneIOUReport.total -= splitAmount;
             }
         } else {
-            oneOnOneIOUReport = IOUUtils.updateIOUOwnerAndTotal(oneOnOneIOUReport, sessionAccountID, splitAmount, currency ?? '');
+            oneOnOneIOUReport = IOUUtils.updateIOUOwnerAndTotal(oneOnOneIOUReport, sessionAccountID, splitAmount, currency ?? '', false);
         }
 
         const oneOnOneTransaction = TransactionUtils.buildOptimisticTransaction(
@@ -2810,23 +2810,18 @@ function deleteMoneyRequest(transactionID: string, reportAction: OnyxTypes.Repor
 
     // STEP 4: Update the iouReport and reportPreview with new totals and messages if it wasn't deleted
     let updatedIOUReport: OnyxTypes.Report | null;
+    const currency = TransactionUtils.getCurrency(transaction);
     const updatedReportPreviewAction: OnyxTypes.ReportAction | EmptyObject = {...reportPreviewAction};
     updatedReportPreviewAction.pendingAction = shouldDeleteIOUReport ? CONST.RED_BRICK_ROAD_PENDING_ACTION.DELETE : CONST.RED_BRICK_ROAD_PENDING_ACTION.UPDATE;
     if (iouReport && ReportUtils.isExpenseReport(iouReport)) {
         updatedIOUReport = {...iouReport};
 
-        if (typeof updatedIOUReport.total === 'number') {
+        if (typeof updatedIOUReport.total === 'number' && currency === iouReport?.currency) {
             // Because of the Expense reports are stored as negative values, we add the total from the amount
             updatedIOUReport.total += TransactionUtils.getAmount(transaction, true);
         }
     } else {
-        updatedIOUReport = IOUUtils.updateIOUOwnerAndTotal(
-            iouReport,
-            reportAction.actorAccountID ?? -1,
-            TransactionUtils.getAmount(transaction, false),
-            TransactionUtils.getCurrency(transaction),
-            true,
-        );
+        updatedIOUReport = IOUUtils.updateIOUOwnerAndTotal(iouReport, reportAction.actorAccountID ?? -1, TransactionUtils.getAmount(transaction, false), currency, true);
     }
 
     if (updatedIOUReport) {