AppleCard Foreign Exchange Rate

I am traveling outside the US. I understand there are no Apple Card foreign transaction fees. However, I notice that the exchange rate is significantly lower than the prevailing market exchange rate. For example, a purchase on the same day using Apple Card was 3.45 foreign currency/dollar while the market exchange rate, and rate used by another card (also with no foreign trasnacton fee) is 3.65 foreign currency/dollar. This results in a higher dollar amount being charged to my AppleCard account. Seems like a backdoor foreign transaction fee.