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$300 in Peru?

I already have my plane ticket to Lima. I'm planning on taking a bus to Cuzco and visiting Machu Picchu. I will be in Peru for 2 weeks. I want to do everything the cheapest way possible (staying in $6/per night hostels, cheapest bus/train tickets available, etc.) Will it be possible to stay in Peru for 2 weeks and visit Machu Picchu with only $300? I have more than that, but I'm really hoping I can do it all with about 300.
Mahcu Pichu is quite expensive, the cheapest train ride is about 60 - 70 dollars and that's the cheapest way to Machu Pichu! Cuzco has very cheap hostals as well as Lima, but right now I have friends in Lima who tell me that peruvian sol is quite strong vs the dollar, the exchange rate is 2.8 soles per dollar (it used to be 3.5) so prices have gone up and everything is more expensive. I am sorry to tell you your 300 wont last that much! and worse if you plan to go to Cuzco.....
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