diff --git a/fs/overlayfs/dir.c b/fs/overlayfs/dir.c
index 1fefb2b8960e9..93c7c267de934 100644
--- a/fs/overlayfs/dir.c
+++ b/fs/overlayfs/dir.c
@@ -1219,9 +1219,13 @@ static int ovl_rename(struct user_namespace *mnt_userns, struct inode *olddir,
 				goto out_dput;
 		}
 	} else {
-		if (!d_is_negative(newdentry) &&
-		    (!new_opaque || !ovl_is_whiteout(newdentry)))
-			goto out_dput;
+		if (!d_is_negative(newdentry)) {
+			if (!new_opaque || !ovl_is_whiteout(newdentry))
+				goto out_dput;
+		} else {
+			if (flags & RENAME_EXCHANGE)
+				goto out_dput;
+		}
 	}
 
 	if (olddentry == trap)