Asaram, 72, is currently lodged in the Jodhpur Central Jail since September 2.
Asaram filed a bail application before the Jodhpur bench of the high court September 13 after his earlier plea was rejected by a lower court.
"Justice Nirmaljit Kaur rejected his bail application today (Tuesday) after hearing arguments from the defence and prosecution lawyers," said prosecution counsel Anand Purohit.
TOI reported that senior counsel Ram Jethmalani had appeared for Asaram to argue in favour of bail.
Asaram was arrested from his ashram in Indore, Madhya Pradesh, and brought to Jodhpur on September 1 after a 16-year-old girl lodged a police complaint accusing Asaram of sexually assaulting her at his ashram near Jodhpur.