The Russian Ruble strengthened against the U.S. dollar in the European session on Friday, after Russia's central bank hiked its key interest rate to resist the rising inflation.

The Board of Directors raised its key rate to 7.5 percent from 7.25 percent. The rate has been forecast to remain at 7.25 percent.

The recent depreciation in the ruble is related with the outflow of capital due to changes in external conditions, the bank said.

The balance of risks has shifted mainly towards insecurity risks, which are associated with high uncertainty of external conditions and their influence on financial markets.

The Russian Ruble appreciated to a 9-day high of 67.47 against the greenback, from Thursday's closing value of 68.37. If the Russian currency rises further, 66.00 is possibly seen as its next resistance level.

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