diff --git a/src/components/TextInputWithCurrencySymbol.js b/src/components/TextInputWithCurrencySymbol.js
index f6f2014b50b3..ef3fc3a1464a 100644
--- a/src/components/TextInputWithCurrencySymbol.js
+++ b/src/components/TextInputWithCurrencySymbol.js
@@ -1,4 +1,4 @@
-import React from 'react';
+import React, {useState, useEffect} from 'react';
 import PropTypes from 'prop-types';
 import AmountTextInput from './AmountTextInput';
 import CurrencySymbolButton from './CurrencySymbolButton';
@@ -45,6 +45,12 @@ function TextInputWithCurrencySymbol(props) {
     const currencySymbol = CurrencyUtils.getLocalizedCurrencySymbol(props.selectedCurrencyCode);
     const isCurrencySymbolLTR = CurrencyUtils.isCurrencySymbolLTR(props.selectedCurrencyCode);
 
+    const [skipNextSelectionChange, setSkipNextSelectionChange] = useState(false);
+
+    useEffect(() => {
+        setSkipNextSelectionChange(true);
+    }, [props.formattedAmount]);
+
     const currencySymbolButton = (
         <CurrencySymbolButton
             currencySymbol={currencySymbol}
@@ -59,7 +65,13 @@ function TextInputWithCurrencySymbol(props) {
             placeholder={props.placeholder}
             ref={props.forwardedRef}
             selection={props.selection}
-            onSelectionChange={props.onSelectionChange}
+            onSelectionChange={(e) => {
+                if (skipNextSelectionChange) {
+                    setSkipNextSelectionChange(false);
+                    return;
+                }
+                props.onSelectionChange(e);
+            }}
         />
     );