diff --git a/erpnext/setup/utils.py b/erpnext/setup/utils.py
index 638c8af6263..e41f27b4d8c 100644
--- a/erpnext/setup/utils.py
+++ b/erpnext/setup/utils.py
@@ -68,9 +68,6 @@ def get_exchange_rate(from_currency, to_currency, transaction_date=None, args=No
 	if not transaction_date:
 		transaction_date = nowdate()
 
-	if rate := get_pegged_rate(from_currency, to_currency, transaction_date):
-		return rate
-
 	currency_settings = frappe.get_doc("Accounts Settings").as_dict()
 	allow_stale_rates = currency_settings.get("allow_stale")
 
@@ -100,6 +97,9 @@ def get_exchange_rate(from_currency, to_currency, transaction_date=None, args=No
 	if frappe.get_cached_value("Currency Exchange Settings", "Currency Exchange Settings", "disabled"):
 		return 0.00
 
+	if rate := get_pegged_rate(from_currency, to_currency, transaction_date):
+		return rate
+
 	try:
 		cache = frappe.cache()
 		key = f"currency_exchange_rate_{transaction_date}:{from_currency}:{to_currency}"