Does base currency setting convert fiat by exchange rate?

Hi
I’m based in the UK, but I do all my trading in us dollars.
My taxes are submitted in GBP £.
When I change my base currency to GBP £ in koinly,
Is koinly using the currecy exchange rate to convert $ value to £
or is it just sticking £ symbol at the begining?

Many thanks fo your help :slight_smile:

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