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World champions India (117) are placed third behind Sri Lanka (119) in the list, headed by Australia (130).
Australia's 3-2 series win has restricted Sri Lanka to earn only one ratings point which, in turn, has given India a chance to reclaim the second position.
To achieve the number-two position, India will have to beat England by 4-1 or whitewash the hosts in the five-match series, starting at Chester-le-Street on September 3.
Meanwhile, in the rankings for ODI batsmen, Virat Kohli has entered into top-5 with a gain of one position and Sachin Tendulkar re-entered into top-10 with a similar gain.
India skipper Mahendra Singh Dhoni lost a place to find himself at number nine.
Off-spinner Harbhajan Singh is the only Indian bowler in the top-10 as he lost one position to be at 10.
Australia's fast bowlers Mitchell Johnson, who along with Sri Lanka's Lasith Malinga was the leading wicket-taker in the recent series with 11, has jumped four places to claim third position while Malinga, who recorded the third hat-trick of his career in Monday's ODI, has jumped 19 places to claim 11th position.