Indonesia's Jakarta Composite rose 0.44 percent after shedding 3 percent in the previous session and Thailand's SET index dipped 1.3 percent following Monday's 2 percent fall.
Indian shares reversed gains to fall 0.12 percent after the Reserve Bank of India unexpectedly raised its repo rate by 25 basis points to 8 percent. Reuters economists had expected no change in rates.
(Read more: Are rate hikes on the cards for emerging markets?)
In the currency space, the Indonesian rupiah hovered near Monday's two-week low while the Malaysian ringgit, Thai baht and Indian rupee strengthened. The Turkish lira rebounded nearly 1 percent as markets anticipate a rate hike when the central bank announces the outcome of its emergency policy meeting around 8pm SIN/HK.
Nikkei slips 0.2%
Japan's benchmark index bounced between gains and losses in choppy trade but still managed to move off Monday's two-month low as investors took relief from a weaker currency.
The yen last traded at 102.7 per dollar, well off the previous day's seven-week high of 101.7, boosting blue-chip exporters. Index heavyweight Fast Retailing rose over 1 percent while blue-chip exporters Panasonic and Komatsu also added 1 percent each.
Apple suppliers were dealt a blow after shares of the U.S. tech giant dropped nearly 6 percent in after-hours trade despite upbeat earnings. TDK Corp lost over 5 percent while Daishinku fell 2.5 percent.
(Read more: Nikkei's rout – Is it a signal to buy?)
Shanghai up 0.2%
Mainland shares rebounded following Monday's 1 percent decline after the People's Bank of China (PBOC) injected funds into interbank markets, soothing fears over a new liquidity crunch. On Monday, reports that the PBOC halted bank cash transfers ahead of the upcoming Lunar New Years holiday sparked fears of a nation-wide cash shortage.
Shanxi Coal Industry surged 25 percent in its stock market debut, the biggest mainland listing since the initial public offering market was re-opened last month.