Australia's share market was little changed after the RBA kept rates unchanged but the Australian dollar fell 0.3 percent to below 95 U.S. cents following the decision.
The central bank said the currency still remains "uncomfortably high" and said a lower Aussie is need for balanced economic growth. It also said uncertainty still surrounds the non-mining sectors of the economy.
"They're trying to step up the pace of jawboning the Aussie but by the same token, they don't want to have to cut interest rates again so it's a fine line between a booming housing sector and getting the rest of the economy stronger. And to do the latter, you need to get the Aussie down," said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors.
Banks lent support with National Australia Bank and Commonwealth Bank of Australia higher by 1 percent each after posting record profits earlier this month.
(Read more: Record profits for Aussie banks, but can it last?)
Kospi slips 0.6%
Seoul shares declined to its lowest level since October 10 due to selling by foreign investors in large-cap stocks. Samsung Electronics and Hyundai Motor slid 1 and 1.4 percent, respectively.
KT Corp eased 3.5 percent, extending the previous day's losses after the second- largest mobile operator's CEO submitted his resignation after prosecutors raided the company's headquarters and his home.
Meanwhile, the won hovered around 1,060 per dollar after the nation's foreign reserves climbed to a record high in October, according to central bank data.
India falls 1.25%
The benchmark Sensex index traded around 20,970 after hitting a new all-time record high of 21,239 on Sunday in a special trading session. The market was shut on Monday.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter