If you use this gesture in the US it means come here. Generally done with one hand.
However, in Peru you turn your palm down to beckon someone. Much like you would shew away something in the US. But becareful to keep your hand moving becasue if you just let it hang there people might think you are a little sweet. Disclaimer: Not that there is anything wrong with that.
This mean okay in the states or nice. In Peru you need to turn this gesture upside down. This means very nice and you would do this while you are commenting on something. "The hotel was excellent." However, you must be careful with this one becasue it also means that you are claiming to be gay or you are calling the person you are talking to gay. Diclaimer: Again not that there is anything wrong with that, but you do not want to offend.