Australia slipped from the top spot after a shock three-wicket defeat to Zimbabwe in a tri-series, also involving South Africa, at the end of August.
Mahendra Singh Dhoni's India claimed the number one ranking after Australia also lost to South Africa in the final of that tournament.
India had a chance to hold on to their position by winning the remaining three ODIs of the five-match series, currently tied 1-1, at home against the West Indies.
But with the cancellation of the third match in Visakhapatnam due to a cyclone, India will no longer be able to win the required four matches in the series to retain top spot.
South Africa are currently second with India third in the latest ICC rankings released on Monday.
Pakistan needed two runs in the last over to avoid the sweep on Sunday but part-time off-spinner Glenn Maxwell took two wickets without conceding a run as Australia won by one run to complete the series win.
(Reporting by Sudipto Ganguly; Editing by John O'Brien)
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