MUMBAI, Oct 23 - The Indian rupee will be looking for any fallout from the maturity of the Reserve Bank of India's (RBI) forex swap in addition to watching oil and U.S. Treasury yields, while bond investors will be eyeing the central bank action on debt sales.

The maturity of the USD/INR buy/sell swap on Monday will take out $5 billion from the system and infuse about 400 billion rupees ($4.81 billion).

For the rupee, the overnight USD/INR swap rate and forward premiums will bear the biggest impact of the swap maturity. The near USD/INR forward premiums have already declined on banks conducting buy/sell swaps in anticipation of a possible dollar shortage.

While there is no direct impact on spot USD/INR, a large decline in premiums might have an effect, a trader at a mid-sized private sector bank said.

"A lot will depend on what the RBI will do. I would expect them to be ready to provide sufficient dollars," he said.

He does not expect an outsized impact and anticipates the rupee holding to its recent range.

The rupee, over the last three weeks, has stayed in a narrow 83.05-83.28 range on regular likely dollar sales by the RBI.

Rupee is "well protected" by the RBI, but considering oil and U.S. yields, "it would be better to buy the small dips that USD/INR provides," said Anil Bhansali, head treasury at Finrex Treasury Advisors.

The long-maturity U.S. yields are hovering near multi-year highs on expectations that the U.S. Federal Reserve will hold rates high for longer while Brent crude prices have rallied in the wake of the Middle East conflict.

This has pushed Indian bond yields higher. The benchmark 7.18% 2033 bond yield rose 5 basis points last week, ending at 7.3626% on Friday.

Market participants expect the yield to trade in the 7.31%-7.42% range with a major focus on the developments in the RBI's open market operations (OMO).

India's central bank will conduct open market sales of bonds once government spending picks up and there is improvement in durable liquidity surplus, two sources told Reuters on Friday.

"The banking system liquidity is expected to remain in deficit till early next week, which provided some comfort to the market that the OMO sale announcement will be delayed," said Yogesh Kalinge, vice-president at A.K. Capital Services.

Indian bonds have struggled since the RBI announced its intention to conduct bond sales via auctions earlier this month, with the market expecting sales of 500 billion rupees and auctions conducted within this quarter.

KEY EVENTS: ** U.S. October S&P Global manufacturing, services and composite PMI flash - Oct. 24 Monday (7:15 p.m. IST) ** U.S. September new home sales - Oct 25, Wednesday ** European Central Bank's monetary policy dcision - Oct. 26, Thursday (5:45 p.m. IST) (Reuters poll: No change expected) ** U.S. September durable goods - Oct. 26, Thursday (6:00 p.m. IST) ** U.S. initial weekly jobless claims week to Oct. 16 - Oct. 26, Thursday (6:00 p.m. IST) ** U.S. September PCE price index, core PCE price index - Oct. 27, Friday (7:30 p.m. IST) ** U.S. October U Mich sentiment - Oct. 27, Friday (7:30 p.m. IST) ($1 = 83.0891 Indian rupees) (Reporting by Bhakti Tambe and Nimesh Vora; Editing by Janane Venkatraman)