This very common.
When we exercise, our bodies do two things with our insulin/glucose: the insulin becomes more efficient and our liver releases glucose to give us the energy to exercise.
As a result of the second of these, our glucose stores become depleted and "drip" less over the next 24 to 48 hours. As our basal insulin "mops up" these drips, we need less basal insulin over the next 24 to 48 hours.
When I injected, I would reduce my basal when I did exercise (I exercise about 3 times a week) by about 20%.
My diabetes team did not encourage this daily tweak because they felt basal takes 3 or 4 days to "bed in" which is why we are advised to wait a few days when adjusting our doses. But it worked for me.
Incidentally, this became much much easier once I changed to the pump when I could make the basal adjustments over shorter periods.