Appraises depressed areas around Uruguay's capital (6)

I believe the answer is:

values

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'appraises' is the definition.
(valuing is a kind of appraising)

'depressed areas around uruguay's capital' is the wordplay.
'depressed areas' becomes 'vales' (I can't justify this - if you can you should believe this answer much more).
'around' indicates putting letters inside.
'capital' indicates taking the first letters.
The first letter of 'uruguay' is 'u'.
'vales' going around 'u' is 'VALUES'.

Can you help me to learn more?

(Other definitions for values that I've seen before include "Holds dear or regards highly" , "Prizes, holds in high esteem" , "Principles or standards of behaviour" , "'Principles, moral beliefs (6)'" , "Appraises, assesses" .)

I've seen this clue in the Evening Standard.

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