Bougherra missed an SPL win at St Johnstone last month after a late return from international duty, but Smith accepted his story that he had his passport, wallet and phone stolen in Paris.
"I don't think it's his valuables that have been lost this time, it's him," Smith said.
"He will be back at some stage on Saturday."
Bougherra, who has not played for Rangers since September, helped Algeria qualify for the World Cup finals with victory over Egypt on Wednesday night after their 2-0 defeat in Cairo last Saturday had forced one-off play-off in Sudan.
The 27-year-old returned from a knee injury in Cairo for his first match since a World Cup qualifier against Rwanda on October 11.
And Smith will look to play him in next Tuesday's Champions League clash against Stuttgart at Ibrox.
Smith said: "To be honest I didn't really think, after being out as long as he had and having to play two matches of that kind of magnitude and intensity, that he was going to be much use to us this weekend anyway.
"Regardless of him turning up or not, I wouldn't really have considered him right to play in this one.
"We're looking more towards Tuesday's game because of the circumstances.
"If he had only had the one game then he might have had a chance but with two games I didn't think there was any chance."
Rangers 1/4, Draw 9/2, Kilmarnock 10/1