How might historical exchange rates impact today’s rates when working with Multicurrency?

When importing exchange rates for dates in the past, how does the system determine what exchange rate to use for today and what rate to use for historical purposes?
The exchange rate import data should have a "Date" column, which corresponds to the "As of" column under Currency Exchange Rates in CRM.  As long as there are rates with a later (more recent, up-to-date and greater than the older "As of" date) "As of" date, only the more recent rates will apply to current transactions.  The older (and imported) rates will apply to older transaction, based on the date.

Environment

 Blackbaud CRM
 4.0

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