Login> My Account> Withdrawal> Withdraw to your bank account (If you want to withdraw to bank or choose any other option ) > There is a small font link "currency converter" near the text box where it asks for the amount you want to withdraw .. I hope this makes it clear...
Agree with webservicesindia, they are giving too low a rate and then deducting high charges/commissions. Considering that all the time they have huge amounts of our money in their bank they must be getting enough interests also. So it's a win win situation for PP, but that;s the standard for most online payments today, so guess not much can be done about this....