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