Hi Fathima,
If you look at the schematic of how the OTP LED is biased, if the FPGA_OTP is 3.3V (instead of high impedance or ground), then the LED will be on. The reason the 3.3V supply is 2.45V is because there is an ESD diode from pin 3 of the LMV321 to pin 5 (3.3V).
Hope it helps,
Charles