Bloomberg News

Sberbank Rallies First Day in 3 as Ruble Gains Versus Dollar

November 02, 2011

(Updates with closing share price in second paragraph.)

Nov. 2 (Bloomberg) -- 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 78.95 rubles by the close in Moscow, paring its weekly loss to 7.6 percent.

The Russian currency added 0.8 percent to 30.54 per dollar today, its first gain since Oct. 28, paring its steepest two-day depreciation in almost three months. A stronger ruble discourages Russians from withdrawing and converting ruble deposits, Sberbank’s main source of funding.

--Editors: Alex Nicholson, Gavin Serkin

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


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