Foreign currency pledge payment applied to a pledge made in a different foreign currency is ignoring selected exchange rate

When applying a pledge payment using a foreign currency to a pledge made using a different foreign currency, you might notice that the applied amount is higher or lower than the exchange rate selected would dictate.
We are currently evaluating this issue for a fix in a future service pack. 

Steps to Duplicate

1) Import exchange rates as detailed in Article 107330
2) Create a pledge using the first foreign currency.
3) In an Enhanced Revenue Batch, select the pledge created in step 2 as the application
4) Select the second foreign currency as the transaction currency
5) Update Projected Totals > Validate > Commit batch
6) Go to the pledge record and notice that the applied amount is different than what the selected exchange rate indicates.

Environment

 Blackbaud CRM
 4.0
 4.0.170.44

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