diff --git a/CHANGELOG.md b/CHANGELOG.md
index 352c5c3d03..a470ab134b 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -13,6 +13,8 @@ When updating the changelog, remember to be very clear about what behavior has c
 and what APIs have changed, if applicable.
 
 ## [Unreleased]
+## [29.49.3] - 2024-01-03
+- Fix rate limiter for dual-read mode switch
 
 ## [29.49.2] - 2024-01-02
 - add back publish original cluster for symlink cluster
@@ -5600,7 +5602,8 @@ patch operations can re-use these classes for generating patch messages.
 
 ## [0.14.1]
 
-[Unreleased]: https://github.com/linkedin/rest.li/compare/v29.49.2...master
+[Unreleased]: https://github.com/linkedin/rest.li/compare/v29.49.3...master
+[29.49.3]: https://github.com/linkedin/rest.li/compare/v29.49.2...v29.49.3
 [29.49.2]: https://github.com/linkedin/rest.li/compare/v29.49.1...v29.49.2
 [29.49.1]: https://github.com/linkedin/rest.li/compare/v29.49.0...v29.49.1
 [29.49.0]: https://github.com/linkedin/rest.li/compare/v29.48.9...v29.49.0
diff --git a/d2/src/main/java/com/linkedin/d2/balancer/dualread/DualReadStateManager.java b/d2/src/main/java/com/linkedin/d2/balancer/dualread/DualReadStateManager.java
index d00c6a413f..eafd26f0fa 100644
--- a/d2/src/main/java/com/linkedin/d2/balancer/dualread/DualReadStateManager.java
+++ b/d2/src/main/java/com/linkedin/d2/balancer/dualread/DualReadStateManager.java
@@ -51,6 +51,7 @@ public class DualReadStateManager
   private final DualReadModeProvider _dualReadModeProvider;
   private final ScheduledExecutorService _executorService;
   private final RateLimiter _rateLimiter;
+  private final ConcurrentMap<String, RateLimiter> _serviceToRateLimiterMap;
   // Stores global dual read mode
   private volatile DualReadModeProvider.DualReadMode _dualReadMode = DualReadModeProvider.DualReadMode.OLD_LB_ONLY;
   private final Set<DualReadModeWatcher> _globalDualReadModeWatchers;
@@ -79,6 +80,7 @@ public DualReadStateManager(DualReadModeProvider dualReadModeProvider, Scheduled
     _dualReadModeProvider = dualReadModeProvider;
     _executorService = executorService;
     _rateLimiter = RateLimiter.create((double) 1 / DUAL_READ_MODE_SWITCH_MIN_INTERVAL);
+    _serviceToRateLimiterMap = new ConcurrentHashMap<>();
     _globalDualReadModeWatchers = ConcurrentHashMap.newKeySet();
     _serviceDualReadModeWatchers = new ConcurrentHashMap<>();
     _clusterDualReadModeWatchers = new ConcurrentHashMap<>();
@@ -191,15 +193,21 @@ public void checkAndSwitchMode(String d2ServiceName)
 
     _executorService.execute(() ->
     {
-      boolean shouldCheck = _rateLimiter.tryAcquire();
-      if (shouldCheck)
+      if (d2ServiceName == null)
       {
-        // Check and switch global dual read mode
-        updateGlobal(_dualReadModeProvider.getDualReadMode());
-
-        // Check and switch service-level dual read mode
-        if (d2ServiceName != null)
+        if (_rateLimiter.tryAcquire())
+        {
+          // Check and switch global dual read mode
+          updateGlobal(_dualReadModeProvider.getDualReadMode());
+        }
+      }
+      else
+      {
+        RateLimiter serviceRateLimiter = _serviceToRateLimiterMap.computeIfAbsent(d2ServiceName,
+            key -> RateLimiter.create((double) 1 / DUAL_READ_MODE_SWITCH_MIN_INTERVAL));
+        if (serviceRateLimiter.tryAcquire())
         {
+          // Check and switch service-level dual read mode
           updateService(d2ServiceName, _dualReadModeProvider.getDualReadMode(d2ServiceName));
         }
       }
diff --git a/gradle.properties b/gradle.properties
index d4de7b8043..1065fc8c24 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,4 +1,4 @@
-version=29.49.2
+version=29.49.3
 group=com.linkedin.pegasus
 org.gradle.configureondemand=true
 org.gradle.parallel=true