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The Russian Ruble drifted higher against the U.S. dollar in the European session on Monday, as oil prices rose after China pledged to support the economy hit by the coronavirus outbreak.

In a bid to improve liquidity in the system, China's central bank conducted medium-term lending facility operations worth RMB200 billion and reverse repo operations amounted to RMB100 billion.

China's Finance Minister has unveiled plans to roll out targeted and phased tax and fee cuts to help relieve difficulties for businesses.

The Russian Ruble rose to a 5-day high of 63.21 versus the greenback from Friday's closing value of 63.56. The ruble is poised to challenge resistance around the 59.00 mark.