The Russian Ruble strengthened against the U.S. dollar during the European session on Friday, as the latter weakened after reports that Washington and Beijing had reached an interim trade deal.

The two sides are still formulating a written agreement but an "agreement in principle" had been reached, Reuters reported citing a source familiar with the negotiations.

On economic front, the Bank of Russia slashed its key rate by 25 basis points, citing softening monetary conditions.

The central bank reduced its key rate to 6.25 percent from 6.50 percent. The decision was in line with expectations.

The Russian Ruble firmed to near a 7-month high of 62.16 versus the greenback from Thursday's closing value of 63.75. The Russian Ruble is seen locating resistance around the 59.00 region.

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