SELECT item_id, price * IFNULL(rate, 1) as price_in_byr
FROM items
LEFT JOIN (SELECT * FROM (SELECT * FROM `rates` ORDER BY date DESC) r group by currency) rmax
ON items.currency = rmax.currency
SELECT i.item_id as item_id, (i.price * r.rate) as price_in_byr
FROM items i, rates r
WHERE r.date = max(r.date) AND i.curency = r.curency
ну и если интересует конкретный итем AND i.item_id = 1