Yes, it seems PayPal don't give the same price when you purchase.
One of my recent purchases was for an item located in Hong Kong, but listed in French with a price in Euros. I set myself a target price and waited for the exchange rate to bring it under that price - as displayed on the eBay listing calculation. WHen I purchased and paid, the PayPal payment came through at a slightly worse rate, which put me 50 cents on the wrong side of my target. Still, it was only 50 cents (on a $30 purchase).
I cracked a wry smile, though, when the exchange rate improved over the next two weeks ... and I could have picked the item up for a whole dollar less.
I blamed Murphy for that. (Apologies to Tommy)