Google Adsense seems to have goofed up & messed up the exchange rate for Indian publishers.
Seems that instead of reporting an exchange rate of 1$ <–> Rs. 46.55, the payout reports are listing an exchange rate of 1$ <–> 1 Rs.
A glitch no doubt – but significant enough to screw up your minds 
via SEORoundtable
Yup they have indeed screwed up. i just noticed it in my account in the payment info!!! I hope they rectify it and do the correct exchange rate and pay us accordingly!!
I have got mail from google about this issue…
And everything i alright now….
————————————Mail From Google Adsense—————-
Hello,
We’re writing to let you know that your AdSense account is displaying an
incorrect exchange rate for your most recent AdSense payment issued on
September **, 2008. While the exchange rate is incorrectly listed as 1:1,
please rest assured that your payment has been issued with the correct
exchange rate. You can expect your check to arrive according to the normal
delivery time, within two to four weeks.
If you normally receive communication from us in a language other than
English, we will provide additional information in your preferred language
next week.
We apologize for the inconvenience and appreciate your patience.
Sincerely,
The Google AdSense Team
Google Inc.
1600 Amphitheatre Parkway
Mountain View, CA 94043
USA
Anoop,
I wasnt surprised that this was just a glitch. Hopefully, you get your $$ soon
Yeah me too got a mail from adsense