As the cut fell at three-over 143, only Bhullar (72-70) and Rashid (70-73) survived the midway cut today among the eight Indian golfers who started the week.
Bhullar had two birdies and two bogeys, while Rashid, winner of two Asian Tour titles, had five bogeys and two birdies.
Indians missing the cut were Rahil Gangjee (72-72), Jyoti Randhawa (77-70), Digvijay Singh (74-76), Arjun Atwal (75-75), SSP Chawrasia (77-73) and amateur Viraj Madappa (78-78).
The in-form 49-year-old, who is a nine-time Asian Tour winner, overcame the rain and cold to lead by one-shot on five-under 135 after holing a birdie on the last hole at the Otone Country Club, West course.
K T Kim of Korea birdied three of his last four holes for a 69 to trail by one shot while Japan's Hideto Tanihara, Toshinori Muto, Shunsuke Sonoda and Hyungsung Kim of Korea were a further shot back in tied third position.
The halfway cut was set at three-over 143 with a total of 67 players advancing into the weekend.
