diff --git a/erpnext/stock/stock_ledger.py b/erpnext/stock/stock_ledger.py
index f7626931243..52ca6418fc1 100644
--- a/erpnext/stock/stock_ledger.py
+++ b/erpnext/stock/stock_ledger.py
@@ -38,7 +38,6 @@ from erpnext.stock.doctype.stock_reservation_entry.stock_reservation_entry impor
 from erpnext.stock.utils import (
 	get_combine_datetime,
 	get_incoming_outgoing_rate_for_cancel,
-	get_incoming_rate,
 	get_or_make_bin,
 	get_serial_nos_data,
 	get_stock_balance,
@@ -1260,25 +1259,7 @@ class update_entries_after:
 					and not sle.get("batch_no")
 					and not sle.get("serial_and_batch_bundle")
 				):
-					rate = flt(self.wh_data.valuation_rate)
-					if not rate:
-						rate = get_incoming_rate(
-							{
-								"item_code": sle.item_code,
-								"warehouse": sle.warehouse,
-								"posting_date": sle.posting_date,
-								"posting_time": sle.posting_time,
-								"qty": sle.actual_qty,
-								"serial_no": sle.get("serial_no"),
-								"batch_no": sle.get("batch_no"),
-								"serial_and_batch_bundle": sle.get("serial_and_batch_bundle"),
-								"company": sle.company,
-								"voucher_type": sle.voucher_type,
-								"voucher_no": sle.voucher_no,
-								"allow_zero_valuation": self.allow_zero_rate,
-								"sle": sle.name,
-							}
-						)
+					rate = self.get_moving_average_rate_for_return(sle)
 
 					if not rate and sle.voucher_type in ["Delivery Note", "Sales Invoice"]:
 						rate = get_rate_for_return(
@@ -1346,6 +1327,38 @@ class update_entries_after:
 
 		return rate
 
+	def get_moving_average_rate_for_return(self, sle):
+		"""Rate just before this entry, taken from the in-memory running state so a
+		multi-line return never reads a sibling row of its own voucher."""
+		rate = flt(self.wh_data.valuation_rate)
+		if rate:
+			return rate
+
+		previous_sle = get_previous_sle_of_current_voucher(
+			frappe._dict(
+				item_code=sle.item_code,
+				warehouse=sle.warehouse,
+				posting_date=sle.posting_date,
+				posting_time=sle.posting_time,
+				voucher_no=sle.voucher_no,
+			),
+			exclude_current_voucher=True,
+		)
+
+		rate = previous_sle.get("valuation_rate")
+		if rate is None:
+			rate = get_valuation_rate(
+				sle.item_code,
+				sle.warehouse,
+				sle.voucher_type,
+				sle.voucher_no,
+				self.allow_zero_rate,
+				currency=erpnext.get_company_currency(sle.company),
+				company=sle.company,
+			)
+
+		return flt(rate)
+
 	def update_outgoing_rate_on_transaction(self, sle):
 		"""
 		Update outgoing rate in Stock Entry, Delivery Note, Sales Invoice and Sales Return