http://www.merriam-webster.com/dictionary/literally
A quote:
1 : in a literal sense or manner : actually <took the remark literally> <was literally insane>
2 : in effect : virtually <will literally turn the world upside down to combat cruelty or injustice — Norman Cousins>
I don't think "exactly" captures the default meaning of "literally". More like "consistent with reality."
http://www.merriam-webster.com/dictionary/literally
A quote:
1 : in a literal sense or manner : actually <took the remark literally> <was literally insane>
2 : in effect : virtually <will literally turn the world upside down to combat cruelty or injustice — Norman Cousins>