Persistent current is a hallmark of quantum phase coherence. We study the fate of the persistent current in a non-equilibrium setting, where a tight-binding ring is subjected to stochastic disorder as well as a fermionic reservoir attached to each site. We evaluate the current using Keldysh technique and find that it exhibits nonmonotonic behavior, suggesting two distinct mechanisms of decoherence. While coupling to the reservoirs introduces a coherence length scale given by the inverse of the coupling strength, the other mechanism is more subtle and driven by the ratio of noise strength to reservoir coupling. The interplay of noise and reservoir constitutes a purely non-equilibrium steady state with a flatter distribution function that we effectively describe using classical rate equations. We discuss possibilities of realizing our findings in ultracold-atom experiments.