The lira and rupee were both higher, and emerging markets were steadier across the board Tuesday, as Turkey's central bank was set to release a statement at 5 p.m. EST.
Update: The Turkey central bank hiked its rates significantly at the extraordinary meeting to defend the lira.
The central bank activity came as Federal Reserve officials gathered for a two-day meeting in Washington, where they were expected to cut back on some of the stimulus that had been sending investors into emerging markets. Fed watchers expect another cutback of $10 billion from the Fed's now $75-billion-a-month bond-buying program.
(Read more: What's going on in Turkey and why you should care)
This tapering of Fed stimulus has sent U.S. interest rates higher and kicked off a readjustment in global markets. The process has put the spotlight on developing countries with high debt burdens and weak currencies.