The Russian Ruble traded higher against the U.S. dollar in the European session on Tuesday, on the back of a surge in oil prices amid optimism that OPEC will reach deal to scale back oil production at its meeting next week.

Growing hopes of an OPEC output agreement and Russia's preparedness to freeze production at present levels spurred a rally in oil prices.

Russian President Vladimir Putin on Sunday said that his country was ready to freeze production at "today's level" to stabilize oil production.

The Russian Ruble climbed to near a 2-week high of 63.4288 against the greenback, compared to Monday's closing value of 63.9745. The Ruble may locate resistance around the 62.00 region.

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