The 22-year-old Kerala shuttler has been on the sidelines for sometime as he is still recovering from his swollen foot, which saw him hand a walkover in Singapore Open Superseries quarterfinals in April.
Indonesian Masters winner Prannoy is now the third best-placed Indian after K Srikanth (World No. 3) and Parupalli Kashyap (World No.10).
In women's singles, Saina Nehwal retained her World No. 2 position, while P V Sindhu held on to her 14th place.