Is it possible to define currency when creating inventory items?

We currency define purchasing items in the items set up forms.  However, when defining a price, my question is this: 

If our SOB currency is GBP then how do we define the item price for an item that is bought from a supplier in EUR?  There is no option to define a currency in the item set up.  Do we need to convert the price to GBP and then it's converted back to EUR when the PO is created?

We are using 11.5.10.2

Thanks in advance.

Best regards, Julie.