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The Russian Ruble gained ground against the U.S. dollar in the European session on Friday, after Russia's central bank cut the key interest rate, after leaving it unchanged for three policy sessions in a row and hinted at more reduction in future.

The Board of Directors decided to cut the key rate by 25 basis points to 7.50 percent, the Bank of Russia said in a statement.

While annual inflation is slowing, expectations remain elevated, the bank said. However, short-term pro-inflationary risks have abated compared to March, the bank added.

The Russian Ruble appreciated to more than 3-week high of 64.27 against the greenback, compared to Thursday's closing value of 64.55. The Ruble is likely to find resistance around the 61.00 level.