In Australia, the central bank kept its cash rate unchanged at 1.75 percent, largely in line with market expectations. The Australian dollar spiked after the decision, with the Aussie trading at $0.7433 as of 2:35 p.m. HK/SIN, compared with around $0.7370 before the statement.
The RBA's comments spurred the Australian dollar higher, Anthony Darvall, senior dealer at spreadbettor easyMarkets, said in a note Tuesday.
"The lack of concern about the Australian dollar exchange rate has let the bulls take control and the Australian-dollar shorts have been squeezed," he said. Previously, the RBA has attempted to jawbone the currency lower.
In its policy statement, the RBA said overall growth is continuing in the country, despite a "very large decline" in business investment. The labor market indicators have been more mixed of late, but are consistent with continued expansion of employment in the near term, the RBA said.
Shane Oliver, head of investment strategy and chief economist at AMP Capital, said the statement was "fairly neutral in terms of signaling any guidance regarding the direction of interest rates going forward [and that it was] really just being a description of recent developments."
But he still expects the RBA will cut rates two more times later this year.
In India, the market reaction to the Reserve Bank of India (RBI) keeping its monetary policy unchanged was muted.
The Indian rupee was trading at 66.75 to the dollar at 3:32 p.m. HK/SIN, compared with around 66.82 before the decision. Indian stocks also traded higher, with the Nifty 50 up 0.55 percent and the Sensex adding 0.48 percent as of 2:51 p.m. HK/SIN.
The RBI cited concerns about the economic outlook for remaining on hold.
"While macroeconomic stability is returning to some emerging market economies, geo-political tensions and high volatility in financial markets impede the resumption of momentum, and the outlook remains challenging," the RBI said in its policy statement. The Indian central bank added that surprise in April's higher inflation reading made the future trajectory of consumer prices "somewhat more uncertain."
The future of RBI Governor Raghuram Rajan dogged the build up to the monetary policy announcement on Tuesday. The central banker, whose tenure is up for renewal in September, has come under political fire, particularly from an influential member of parliament from the ruling Bharatiya Janata Party.