It is best to have local currency; however, most restaurants, markets, and other service providers readily accept US dollars as long as they don’t have any rips. They will generally give you change in local currency. The local currency is the Sol. It is handy to use local currency in markets, as you will have smaller denominations to purchase / tip with and don’t need to worry about your currency looking pristine (ripped Soles are common and readily accepted). Check out our Currency Converter for the latest exchange rates http://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=PEN.
We recommend changing money “casas de cambio” rather than the bank or directly on the street. The exchange rate currently fluctuated form 1 USD = 2.5 to 2.7 soles

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