Watch Art Cashin: Here's why stocks are up

Cashin says keep an eye on volatility after FOMC

Art Cashin said stocks rallied Tuesday morning as Wall Street breathed a "little bit of a sigh of relief" over emerging market currency fears.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Courtney Reagan the "Royal Bank of India surprised everybody last night by hiking rates. That helped calm the currency markets."

Turkey's central bank meeting and the scheduling of an announcement at 5pm ET Tuesday "further calmed things down."

Cashin added, "We didn't have a real blast-off rally because they're starting to think about Bernanke and the Fed" and its statement scheduled for Wednesday afternoon.