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The currency here is the Colombian peso. One Colombian peso is equivalent to 0.00024 United States dollars, but the exact conversion changes every day. To calculate the conversion on my daily purchases, I usually divide the number by four and take off the zeroes. For example, if I stop for an empanada that costs $5,000 pesos, I take off the zeroes and divide five by four to get about $1.25 USD.
The cost of a bottle of water can really vary here depending on where you buy it. I have paid as little as $3,000 pesos (about 75 cents in USD), and as much as $10,000 (about $2.50 USD) before. If you buy from a vending machine or a restaurant, it will be more expensive, but if you buy from a corner store or a street vendor, you might get a bargain.