MOSCOW, July 1 (Reuters) - The rouble fell against the

dollar and euro on Monday but held its ground against the yuan

as the passage of an end-June tax deadline and a cut in central

bank daily forex sales combined to exert pressure on the Russian

currency.

By 0825 GMT the rouble was trading 0.4% lower at 86.05

against the dollar. It was down 2% at 93.74 against the

euro

Trade in both currencies shifted last month from the Moscow

Exchange to the less liquid and more volatile interbank market

as a result of U.S. sanctions against the exchange.

The average dollar-rouble mixed composite rate, calculated

by LSEG and based on data from international brokers and

counterparties, stood at 85.74.

The rouble sank initially below 11.80 to the Chinese yuan

but by late morning had recovered to 11.72, up 0.1%.

Traders said several factors would weigh against the rouble

as it enters the new month. It no longer has support from

exporters converting forex into roubles to pay end-of-month

taxes, as the deadline for that was last Friday.

"Today, at the start of trading, we expect continued

pressure on the national currency against the background of a

decrease in the supply of yuan from exporters after the June

peak of tax payments has passed," said Bogdan Zvarich of

Banki.ru, anticipating a push by the yuan towards 12 roubles.

A second factor is that the central bank from Monday is

reducing its daily sales of foreign currency to the equivalent

of 8.4 billion roubles a day from 11.8 billion roubles in the

first half of the year. The sales mirror flows in and out of the

National Wealth Fund and are separate from currency operations

the bank conducts on behalf of the finance ministry.

Finally, the government last month reduced the mandatory

share of foreign currency revenue that exporters must convert

into roubles to 60% from 80%, softening capital controls in part

due to the rouble's recent strengthening.

Brent crude oil, a global benchmark for Russia's

main export, was up 0.65% at $85.55 a barrel.