The user agreement says: "The transaction exchange rate is adjusted regularly, typically between 5pm and 7pm Eastern Standard Time (EST) (in New York City, USA) on every Business Day and those changes will be applied immediately." I believe it's true that it's between 5pm and 7pm EST (which I don't call regularly at all and I note that it says "typically", meaning it doesn't have to be if they don't want to), but the fact that it isn't the same time every single day shows that it isn't being done automatically, but instead has human input and so ability to overrule it if pairing rates on the free market move unfavourably for PayPal. It says that it is adjusted regularly, but gives no indication of what they base the change on - it doesn't say it's in line with any particular index. Basically, someone seems to pretty much change it to whatever they feel like, whenever they feel like it.
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