Jan 24 (Reuters) - The Russian rouble strengthened on Tuesday, recovering ground given up late in the previous session, buoyed by the prospect of exporters' tax payments and continued sales of foreign currency by the finance ministry.
At 0751 GMT, the rouble was 0.3% stronger against the dollar, at 68.70, and was unchanged at 74.74 versus the euro. It had firmed 0.3% against the yuan to 10.10.
The Russian currency typically gains support from month-end tax payments, when exporters convert foreign exchange revenue to pay local liabilities.
A scheduling adjustment means that as of this year, taxes are due in a single payment, which this month falls on Jan. 30.
"We think that exporters already have most of the roubles needed to make these payments, but they may still have some FX selling to do," SberCIB Investment Research said in a note. "We therefore expect the rouble to strengthen below 68 this week."
Analysts say large FX sales by the government - which is offloading up to 3.2 billion roubles ($46.61 million) per day of Chinese yuan - could lead to a vicious circle that sees the rouble strengthen and further reduces the Kremlin's crucial export revenues.
The rouble has been under external pressure for the past six weeks since a Western price cap on Russia's oil sales came into force in early December alongside a European Union embargo of Russian oil exports, forcing Moscow to sell at a discount.
Brent crude oil, a global benchmark for Russia's main export, was down 0.3% at $87.9 a barrel.
Russian stock indexes were gaining.
The dollar-denominated RTS index was up 0.8% to 1,006.3 points. The rouble-based MOEX Russian index was 0.4% higher at 2,194.9 points.
For Russian equities guide see
For Russian treasury bonds see ($1 = 68.6500 roubles) (Reporting by Alexander Marrow; Editing by Robert Birsel)
