The Russian Ruble climbed against the U.S. dollar in the European session on Friday, with higher oil prices and broad-based dollar weakness eclipsing the Bank of Russia's decision to cut benchmark interest rate.

Russia's central bank lowered its key interest rate by a quarter point as inflation remains close to the target.

The Board of Directors decided to reduce the key rate to 9.00 percent from 9.25 percent, the bank said in a statement. The bank had trimmed the rate by 50 basis points in April.

The Russian Ruble rose to 57.49 against the greenback, compared to 57.71 hit late New York Thursday. The next possible resistance for the Ruble is seen around the 56.00 zone.

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