Having stormed into the Asia Cup final, India have climbed to second place, ahead of Pakistan who have lost the No. 1 ODI rankings following their elimination from the tournament.
The Babar Azam-led side, who lost to Sri Lanka in a last-ball thriller for their second successive defeat in the 'Super Four', slipped two places to No. 3 with 115 points in ICC's mid-week update.
Two points ahead of India (116), Australia are now the No. 1 ODI side as the race for the top spot has intensified ahead of next month's World Cup.
Both the teams are also set to clash in a three-match ODI series in India beginning on September 22 ahead of their World Cup opener in Chennai on October 8.
Australia have climbed to No. 1 on the back of their back-to-back defeats in South Africa but their their loss in the third ODI at Potchefstroom by 111 runs may have given an opening to India.
The fourth and penultimate ODI of the South Africa-Australia rubber is slated on Friday, while the series finale is on Sunday.
India will play the Asia Cup final against co-hosts Sri Lanka on Sunday.