A current country (4)

I believe the answer is:

peru

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'country' is the definition.
(Peru is an example)

'a current' is the wordplay.
'a' becomes 'per'.
'current' becomes 'u' (I am not sure about this - if you are sure you should believe this answer much more).
'per'+'u'='PERU'

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(Other definitions for peru that I've seen before include "S American country, capital Lima" , "Machu Picchu country" , "Nazca, Cuzco here" , "Paddington Bear's country of birth" , "South American state" .)

I've seen this clue in the Evening Standard.

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