Techniques for performing interference and power control in a wireless communication system are described. An asymmetric power control scheme adjusts the transmit power of a user equipment (UE) in an asymmetric manner, e.g., with different up and down step sizes. In one design, a parameter value may be determined based on received SINR of at least one Node B. Up and down steps may be determined based on the parameter value and may have different sizes. At least one overloading indicator from at least one neighbor Node B may be obtained. The transmit power of the UE may be adjusted based on the up and down steps and the at least one overloading indicator. For example, the transmit power may be increased by the up step if an overloading indicator from the strongest neighbor Node B is not received and may be decreased by the down step otherwise.