SYDNEY, NSW, Australia - Stocks in Asia were mostly lower on Tuesday.

The exceptions were the Trans-Tasman duo, the Australian and New Zealand share markets, both of which edged higher.

In Australia, the Reserve Bank hoisted official interest rates by 0.50 percent to 1.85 percent. It was the fourth monthly increase in a row.

The Australian All Ordinaries gained 3.40 points or 0.05 percent to 7,216.40. The Australian dollar, however, dropped like a stone, shedding nearly a full cent of its value. The Aussie last traded around the Sydney close Tuesday at 0.6934.

In New Zealand, the S&P/NZX 50 added 6.59 points or 0.52 percent to 11,532.46. The New Zealand dollar weakened sharply to 0.6286.

In Japan, the Nikkei 225 shed 398.62 points, or 1.42 percent to 27,594.73. The Japanese yen however rose strongly to 130.76.

South Korea's Kospi Composite let go 12.63 points or 0.52 percent to 2,439.62.

In China, the Shanghai Composite weakened by 73.69 points or 2.26 percent to 3,186.27.

In Hong Kong, the Hang Seng lost 476.63 points or 2.36 percent, to close Tuesday at 19,689.71.

The euro was softer at 1.0238 around the Sydney close Tuesday. The British pound eased to 1.2207. The Swiss franc edged down to 0.9515.

The Canadian dollar dropped to 1.2873.