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

MOSCOW, July 7 (Reuters) - The Russian rouble strengthened on Thursday in jittery Moscow trade, pulling away from more than 5-week lows hit against the dollar and euro after two sessions of sharp losses.

The rouble hit more than seven-year highs just over a week ago, but has shed around 20% since then against the greenback as several officials voiced concerns about its strength, which dents Russia's income from exporting commodities and other goods priced in dollars and euros.

By 0736 GMT, the rouble was 0.5% stronger against the dollar at 63.01, pulling away from its lowest point since May 30 of 64.9525, hit on Wednesday. It had gained 1% to trade at 64.14 versus the euro.

Bogdan Zvarich, chief analyst at banki.ru, said he expected the rouble to start recovering during this session. The currency's recent slide is not supported by fundamental factors, he said.

"Supply from exporters continues to stay elevated, while demand from importers and the population is low, which creates a supply overhang of foreign currency on the market and should contribute to the (rouble) strengthening," Zvarich said.

Despite the recent slide, the rouble is still the world's best-performing currency https://emea1.apps.cp.thomsonreuters.com/Apps/NewsServices/mediaProxy?apiKey=6d416f26-7b24-4f31-beb6-1b5aa0f3fafb&url=http%3A%2F%2Ffingfx.thomsonreuters.com%2Fgfx%2Frngs%2FGLOBAL-CURRENCIES-PERFORMANCE%2F0100301V041%2Findex.html so far this year, boosted by measures - including restrictions on Russian households withdrawing foreign currency savings - taken to shield Russia's financial system from Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24.

Analysts have said the market is anticipating that measures to rein in the currency, such as interventions, may soon be adopted.

Russian stock indexes were higher.

The dollar-denominated RTS index was up 1% to 1,112.7 points, after slipping to its weakest mark since May 6 in early trade. The rouble-based MOEX Russian index was 0.1% higher at 2,223.8 points. (Reporting by Reuters)