Former International Monetary Fund chief Dominique Strauss-Kahn is expected to be released from jail Friday after being granted bail on charges related to the alleged assault of a maid in a New York hotel, his lawyer said, according to CNN.

"It`s a great relief to the family to be able to have him with them," defense attorney Bill Taylor told reporters outside the courtroom Thursday.

He said his client was spending the night at the jail on Rikers Island before being released Friday. The next court appearance is set for June 6.

Supreme Court Judge Michael Obus granted bail on condition that Strauss-Kahn posts $1 million in cash, a $5 million bond, surrender his travel documents and submit to home detention.

The announcement came shortly after his indictment on seven criminal charges was announced. They are: two counts of criminal sexual act; two counts of sexual abuse; and one count each of attempt to commit rape, unlawful imprisonment and forcible touching.

In the charge of criminal sexual act in the first degree, Strauss-Kahn is accused of having "engaged in oral sexual conduct with an individual ... by forcible compulsion," the indictment says.

"Under American law, these are extremely serious charges," Manhattan District Attorney Cyrus Vance told reporters outside the courtroom. "The defendant was indicted on all the charges presented to the grand jury."

Strauss-Kahn proclaimed his innocence in a resignation letter to the IMF executive board late Wednesday.

He said he was stepping down to "protect this institution which I have served with honor and devotion, and especially -- especially -- I want to devote all my strength, all my time and all my energy to proving my innocence."

"To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me," he said.

A criminal court judge denied him bail Monday, saying his attempt to leave the country after the alleged incident made him a flight risk.

His lawyer argued Thursday that he had been scheduled to leave New York and fly to Paris on Saturday using a ticket he had bought on May 11.

Taylor said his client resigned his position as IMF chief on Wednesday and had surrendered his passport and a U.N.-issued travel document.

"In our view, no bail is required," the lawyer said. "He has one interest at this time and that is to clear his name."

Strauss-Kahn will live with his wife in an apartment in Manhattan after his release, Taylor said. As he entered the courtroom for the bail hearing, he smiled at his wife who was seated in the front row. He also blew her a kiss during a recess.

Prosecutor John McConnell argued the high-profile economist had no right to bail.

"While there is presumption of innocence, the proof is substantial and it is growing every day," he said, adding that the forensic evidence is consistent with an attack and the alleged victim has identified Strauss-Kahn as her attacker.

The alleged victim, a 32-year-old Guinean maid for the Sofitel hotel, testified before the grand jury on Wednesday, according to an attorney representing her.

Prosecutors allege that a naked Strauss-Kahn, 62, chased the housekeeping employee through his suite and sexually assaulted her.

But defense attorney Benjamin Brafman disputed the allegation, saying "forensic evidence, we believe, will not be consistent with a forcible account, and we believe there is a very, very defensible case."