Rashid was detained on charges that he planned to kill Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan by blaming the former president and PPP co-Chairman Asif Ali Zardari.
Rashid’s post-arrest bail plea received a reserved verdict from Justice Mohsin Akhtar Kayani on Thursday.
His request was granted by the high court, which also ordered him to submit Rs50,000 surety bonds.
He had previously been denied bail by a district and sessions court in Islamabad. Later, he went to the high court and claimed that he was the target of a political vendetta.