MUMBAI, Oct 5 (Reuters) - The Indian rupee is likely to open little changed on Thursday as traders reckon a pullback in U.S. Treasury yields is unlikely to benefit the local unit, just as it stayed muted in face of increased depreciation pressure.

Non-deliverable forwards indicate rupee will open at 83.22-83.23 to the U.S. dollar, compared with its previous close of 83.24.

The dollar index was lower at 106.54, while most Asian currencies strengthened.

But the rupee is unlikely to benefit as it "was mostly stable when DXY (dollar index) went up, so it should continue to be stable if it cools off," a foreign exchange trader at a private bank said.

"We could see RBI in a hurry to shore up lost reserves, so USD/INR below 83 is also not possible."

The dollar index had risen to its highest level since November 2022 earlier in the week, but the rupee managed to duck the pressure, aided by likely intervention from Reserve Bank of India.

The 10-year U.S. Treasury yield rose to a peak of 4.88% on Wednesday, its highest since August 2007, but fell after data showed that U.S. jobs growth was well below expectations in September, and last quoted at 4.71% in Asia hours.

"Overall, the price action offers some hope of consolidation in the breakneck speed of bear steepening," DBS Bank stated in a note.

Brent crude oil futures were higher at $86.23 in Asia trading, after falling more than $5 on Wednesday, weighed by fuel demand destruction and a bleaker macroeconomic picture.

Investors now await U.S. jobless claims data due later in the day and the RBI's monetary policy decision on Friday.

Despite changing global cues, the rupee is expected to stay in a tight range over the coming months as the RBI continues to intervene in the market, according to a Reuters poll of 46 FX analysts.

KEY INDICATORS:

** One-month non-deliverable rupee forward at 83.34; onshore one-month forward premium at 12 paisa

** USD/INR NSE October futures settled at 83.3325 on Wednesday

** USD/INR October forward premium at 9.75 paisa

** Dollar index down at 106.51

** Brent crude futures up 0.5% at $86.2 per barrel

** Ten-year U.S. note yield at 4.71%

** As per NSDL data, foreign investors sold a net $100.5 mln worth of Indian shares on Oct. 3

** NSDL data shows foreign investors bought a net $168.1 mln worth of Indian bonds on Oct. 3 (Reporting by Jaspreet Kalra; Editing by Varun H K)