diff --git a/frappe/model/meta.py b/frappe/model/meta.py
index add084d38e..3dc3181dac 100644
--- a/frappe/model/meta.py
+++ b/frappe/model/meta.py
@@ -894,6 +894,12 @@ def get_field_currency(df, doc=None):
 					if frappe.get_meta(doc.parenttype).has_field(df.get("options")):
 						# only get_value if parent has currency field
 						currency = frappe.db.get_value(doc.parenttype, doc.parent, df.get("options"))
+						if not currency:
+							# Parent may not be in DB yet (new document being saved).
+							# Use the in-memory parent document reference if available.
+							parent = getattr(doc, "parent_doc", None)
+							if parent:
+								currency = parent.get(df.get("options"))
 
 		if currency:
 			frappe.local.field_currency.setdefault((doc.doctype, ref_docname), frappe._dict()).setdefault(
diff --git a/frappe/public/js/frappe/model/meta.js b/frappe/public/js/frappe/model/meta.js
index d393f33cb7..7692dcfdfc 100644
--- a/frappe/public/js/frappe/model/meta.js
+++ b/frappe/public/js/frappe/model/meta.js
@@ -332,7 +332,8 @@ $.extend(frappe.meta, {
 		} else if (df && df.fieldtype === "Currency") {
 			precision = cint(frappe.defaults.get_default("currency_precision"));
 			if (!precision) {
-				var number_format = get_number_format();
+				var currency = frappe.meta.get_field_currency(df, doc);
+				var number_format = get_number_format(currency);
 				var number_format_info = get_number_format_info(number_format);
 				precision = number_format_info.precision;
 			}