The Russian Ruble climbed against the U.S. dollar in European deals on Friday amid higher oil prices, shrugging off the Russia's central bank decision to cut its key rate by 50 basis points.

The Board of Directors decided to reduce the key rate to 9.25 percent per annum, the Bank of Russia said in a statement. Economists had expected a modest reduction to 9.5 percent.

Policymakers noted that inflation is moving towards the target, inflation expectations are still declining and economic activity is recovering. Meanwhile, inflation risks remain in place, the bank said.

The Russian Ruble advanced to a 2-day high of 56.56 against the greenback, from a low of 57.12 hit at 6:30 pm ET. The next possible resistance for the Russian currency is seen around the 54.00 region.

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