MUMBAI, May 13 (Reuters) - The Indian rupee and government bonds will take cues from U.S. and local consumer inflation prints this week, but equity outflows could pressure the currency on concerns over the outcome of the country's general election.

The rupee ended nearly flat at 83.50 against the U.S. dollar on Friday and notched a weekly decline of 0.1%. Asian currencies were mixed week-on-week while the dollar index gained.

Foreign investors sold about $2 billion of Indian equities in May on concerns that India's ruling party may not see as strong an election tally as opinion polls had predicted.

Still, losses in the rupee will be limited as the Reserve Bank of India is expected to curb sharp falls, traders said.

India will report consumer inflation data on Monday, and consumer price inflation is likely to have eased to 4.80% in April, just shy of March's rate, according to a Reuters poll.

The U.S. inflation print, due on Wednesday, will be more important for the rupee. Economists polled by Reuters estimate that month-on-month U.S. core CPI eased to 0.3% in April, down from 0.4% in the previous month.

The rupee may see mild spillovers from equity-related outflows, but its broad range remains at 83.30 to 83.60, Dilip Parmar, a foreign exchange research analyst at HDFC Securities said.

"It's better to be a buyer on dips on (USD/INR)," Parmar said.

Meanwhile, India's 10-year government bond yield , which fell two basis points last week to 7.1276% on Friday, is expected to trade in a narrow range until the election results on June 4.

Apart from uncertainty over the election outcome, the bond market also faces headwinds from a strong dollar and broader weakness in emerging market currencies, Prashant Pimple, chief investment officer, fixed income, at Baroda BNP Paribas Mutual Fund said.

Traders see the benchmark bond yield in a 7.10%-7.18% range this week, with the focus on U.S. Treasury yields and foreign investor activity.

Traders will watch the response for the government's yet another bond buyback after the central bank accepted offers for a little over a fourth of the notified amount of 400 billion rupees ($4.79 billion) last week.

New Delhi aims to buy back securities worth up to 600 billion rupees on Thursday.

"The buybacks will have a soothing effect on market sentiment," Vivek Kumar, economist at QuantEco Research said. "However, its impact won't be durable on either yields or liquidity if the involved G-secs are short-dated (i.e., maturing within FY25)."

KEY EVENTS:

** India Apr CPI - May 13, Monday (5:30 p.m. IST) (Reuters poll: 4.80% on-year)

** India Apr WPI inflation - May 14, Tuesday (12:00 p.m. IST)

** U.S. PPI machine manufacturing - May 14, Tuesday

** U.S. Apr CPI - May 15, Wednesday (6:00 p.m. IST) (Reuters poll: 0.3% on-month)

** U.S. Apr retail sales data - May 15, Wednesday

** Japan Q1 GDP - May 16, Thursday (5:20 p.m. IST) (Reuters poll: -0.4% on-year)

** U.S. initial weekly jobless claims - May 16, Thursday (6 p.m. IST)

** U.S. Apr industrial production data - May 16, Thursday (6:45 p.m. IST) ($1 = 83.5410 Indian rupees) (Reporting by Jaspreet Kalra and Bhakti Tambe; Editing by Janane Venkatraman )