MUMBAI, July 31 (Reuters) - The Indian rupee will be guided by the slew of important U.S. data that will help investors assess the Federal Reserve's rate path for the rest of the year, while bond yields may continue to move higher this week.

The rupee last week dropped 0.3%, halting a two-week winning run and ended at 82.2475. It was in an 81.66-82.34 range amid likely dollar purchases by the Reserve Bank of India and oil companies, according to traders.

They expect the currency to trade in the 81.80-82.40 range this week. Overall the rupee should remain in a range with the RBI and oil companies on one side and equity inflows on the other, said Anil Bhansali, head of treasury at Finrex Treasury Advisors.

U.S. ISM manufacturing and services data is due this week, alongside the private payrolls and non-farm payrolls readings. The data comes after the Fed Chair Jerome Powell left the door open for a rate hike at the September meeting. Investors are, however, not convinced that another rate hike will be needed.

U.S. jobs and inflation data are seen as critical to the Fed's decision at the September meeting.

Meanwhile, the benchmark 7.26% 2033 bond yield ended at 7.1614% on Friday, and rose 8 basis points (bps) last week, after easing by an aggregate of eight bps in the previous two weeks.

Bond yields jumped last week, tracking a spike in U.S. yields, while a scare that inflation may rise again spurred caution in the market.

Traders expect the benchmark bond yield to be in the 7.12-7.20% zone this week, with an upward bias.

India's annual retail inflation quickened in June to 4.81%, snapping four months of easing, while bets of elevated readings in the near term have pushed back hopes of rate cuts to the middle of 2024.

Some economists now expect inflation to rise above the central bank's upper tolerance range of 6.00% for July and have also raised their projections for this financial year.

"Since the Fed decision is out of the way, domestic factors have now come into play. Obliviously when we approach the inflation release date, the market will feel nervous about the expected spurt in inflation," VRC Reddy, treasury head of Karur Vysya Bank, said. KEY EVENTS: • India July S&P Global Mfg PMI - Aug 1, Tuesday (10:30 a.m. IST) • U.S. July S&P Global Mfg PMI - Aug 1, Tuesday(7:15 p.m. IST) • U.S. July ISM Mfg PMI - Aug 1, Tuesday (7:30 p.m. IST)

• India July S&P Global Services PMI - Aug 3, Thursday(10:30 a.m. IST) • U.S. week to July 24 - initial jobless claim - Aug 3, Thursday(6:00 p.m. IST)

• U.S. June Factory orders - Aug 3, Thursday (7:30 p.m. IST) • U.S. July S&P Services PMI Flash - Aug 3, Thursday (7:15 p.m. IST) • U.S. July non-farm payroll data - Aug 4, Friday (6:00 p.m. IST) (Reporting by Dharamraj Dhutia and Nimesh Vora; Editing by Dhanya Ann Thoppil)