BLBG:Sberbank Rallies First Day in Three as Ruble Gains Versus Dollar
OAO Sberbank, Russia’s biggest lender, rose for the first day in three after the ruble strengthened against the dollar.
The shares climbed 2.4 percent to 78.97 rubles by 11:12 a.m. in Moscow, paring its weekly loss to 7.5 percent.
The Russian currency added 0.4 percent to 30.683 per dollar, its first gain since Oct. 28. It declined 3.6 percent in the first two days this week, the biggest two-day depreciation in almost three months. A stronger ruble discourages Russians from withdrawing and converting ruble deposits, Sberbank’s main source of funding.
To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net
To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net
