NEW YORK (TheStreet) -- Shares of Yandex NV (YNDX) a search engine provider in Russia, are higher by 6.33% to $17.89 in late morning trading on Wednesday, as the ruble stars to show some strength following yesterday's decline, which saw the stock tumble too.
The currency started to move up following the announcement made by Russia's central bank, saying it has taken measures to fortify the country's banks, MarketWatch reports.
After a decline on Tuesday, the ruble was trading 8% stronger against the dollar at 62.1 on the Moscow exchange.
Russia's central bank relaxed its regulations on the country's banking system in an attempt to offer some relief on capital adequacy for banks, and to also try and convince its citizens to keep their money in rubles, MarketWatch noted.
The Russian Finance Ministry said it "considers the ruble to be extremely undervalued and has started selling foreign currency from its balances on the market," MarketWatch said.
Separately, TheStreet Ratings team rates YANDEX NV as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate YANDEX NV (YNDX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."