Peru converted English money (5)
I believe the answer is:
rupee
'money' is the definition.
(currency of India)
'peru converted english' is the wordplay.
'converted' indicates an anagram.
'english' becomes 'e' (abbreviation).
'peru' with letters rearranged gives 'rupe'.
'rupe'+'e'='RUPEE'
(Other definitions for rupee that I've seen before include "Indian money unit" , "Indian coin" , "foreign currency" , "100 paise" , "low cost in Pakistan?" .)