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UPDATE 1-Russian rouble recovers from 3-week low past 61 vs dollar

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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

(Updates prices, adds yuan detail)

MOSCOW, Nov 29 (Reuters) - The Russian rouble recovered on Tuesday, after sinking to its weakest point in nearly three weeks past 61 against the dollar in early trade, boosted by rebounding energy prices and renewed risk appetite as a favourable tax payment period ended.

By 1230 GMT, the rouble was 0.6% stronger against the dollar at 60.85, recovering from its weakest since Nov. 10 of 61.3775. It lost around 1.2% in the previous session.

The rouble gained 0.9% to trade at 63.26 versus the euro and shed 0.3% against the yuan to 8.46 , earlier clipping 8.535, a two-week low.

The yuan gained globally as investors bet signs of civil discontent in China could prompt an easing of strict COVID-19 curbs and cheered a relaxation of regulations on developer fundraising.

While the yuan has been making gradual inroads into Russia for years, the crawl has turned into a sprint in the past nine months as the currency swept into the country’s markets and trade flows, according to a Reuters review of data and interviews with 10 business and finance players.

The rouble has now lost the support of a month-end tax payments period that usually sees Russian exporters convert foreign currency earnings into the local currency.

Brent crude oil, a global benchmark for Russia's main export, was up 2.8% at $85.5 a barrel.

The improving situation on energy markets could see the rouble try to win back some of the losses sustained in the previous session, Banki.ru chief analyst Bogdan Zvarich said.

It could return to the 60-61 range against the greenback where it has traded for most of November, he added.

Russian stock indexes were higher.

"The Russian market continues to consolidate, gradually slipping to the lower end of the recent range – the negative external background weighs, while the lack of any internal additional drivers adds no optimism," BCS World of Investments said in a note. "Sideways trading may persist until the end of the year."

The dollar-denominated RTS index was up 0.5% to 1,128.4 points. The rouble-based MOEX Russian index was 0.1% higher at 2,179.7 points.

Yandex's shares were up 3.4% in Moscow after former Russian finance minister Alexei Kudrin said he would step down as head of the Audit Chamber to focus on private initiatives, with sources expecting him to take a role at the tech giant. (Reporting by Alexander Marrow; Editing by Andrew Heavens, Kirsten Donovan)