diff --git a/CHANGES-4.3.md b/CHANGES-4.3.md
index 8bf84984a..d0ad3d6c1 100644
--- a/CHANGES-4.3.md
+++ b/CHANGES-4.3.md
@@ -29,6 +29,9 @@ File format:
 * Changed systemd service restart delay from 10 seconds to 60 seconds.
 * MQTT-SN gateway supports initiative to synchronize registered topics after session resumed. [#7300]
 * Add load control app for future development.
+* Change the precision of float to 17 digits after the decimal point when formatting a
+  float using payload templates of rule actions. The old precision is 10 digits before
+  this change.
 
 ### Bug fixes
 
diff --git a/apps/emqx_rule_engine/src/emqx_rule_engine.appup.src b/apps/emqx_rule_engine/src/emqx_rule_engine.appup.src
index 77b41dd4a..9f0e44379 100644
--- a/apps/emqx_rule_engine/src/emqx_rule_engine.appup.src
+++ b/apps/emqx_rule_engine/src/emqx_rule_engine.appup.src
@@ -1,29 +1,35 @@
 %% -*- mode: erlang -*-
 {VSN,
-  [{"4.3.7",[{load_module,emqx_rule_registry,brutal_purge,soft_purge,[]}]},
+  [{"4.3.7",
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]}]},
    {"4.3.6",
-    [{load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {update,emqx_rule_metrics,{advanced,["4.3.6"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.5",
-    [{update,emqx_rule_metrics,{advanced,["4.3.5"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.5"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.4",
-    [{update,emqx_rule_metrics,{advanced,["4.3.4"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.4"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.3",
-    [{update,emqx_rule_metrics,{advanced,["4.3.3"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.3"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_actions,brutal_purge,soft_purge,[]},
@@ -31,7 +37,8 @@
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.2",
-    [{update,emqx_rule_metrics,{advanced,["4.3.2"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.2"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {apply,{emqx_stats,cancel_update,[rule_registery_stats]}},
@@ -40,7 +47,8 @@
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.1",
-    [{update,emqx_rule_metrics,{advanced,["4.3.1"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.1"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
@@ -49,7 +57,8 @@
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.0",
-    [{update,emqx_rule_metrics,{advanced,["4.3.0"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.0"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_funcs,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
@@ -59,30 +68,36 @@
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {<<".*">>,[]}],
-  [{"4.3.7",[{load_module,emqx_rule_registry,brutal_purge,soft_purge,[]}]},
+  [{"4.3.7",
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]}]},
    {"4.3.6",
-    [{load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {update,emqx_rule_metrics,{advanced,["4.3.6"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.5",
-    [{update,emqx_rule_metrics,{advanced,["4.3.5"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.5"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.4",
-    [{update,emqx_rule_metrics,{advanced,["4.3.4"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.4"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.3",
-    [{update,emqx_rule_metrics,{advanced,["4.3.3"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.3"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_actions,brutal_purge,soft_purge,[]},
@@ -90,7 +105,8 @@
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.2",
-    [{update,emqx_rule_metrics,{advanced,["4.3.2"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.2"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
      {apply,{emqx_stats,cancel_update,[rule_registery_stats]}},
@@ -99,7 +115,8 @@
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.1",
-    [{update,emqx_rule_metrics,{advanced,["4.3.1"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.1"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_registry,brutal_purge,soft_purge,[]},
@@ -108,7 +125,8 @@
      {load_module,emqx_rule_runtime,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine_api,brutal_purge,soft_purge,[]}]},
    {"4.3.0",
-    [{update,emqx_rule_metrics,{advanced,["4.3.0"]}},
+    [{load_module,emqx_rule_utils,brutal_purge,soft_purge,[]},
+     {update,emqx_rule_metrics,{advanced,["4.3.0"]}},
      {load_module,emqx_rule_events,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_funcs,brutal_purge,soft_purge,[]},
      {load_module,emqx_rule_engine,brutal_purge,soft_purge,[]},
diff --git a/apps/emqx_rule_engine/src/emqx_rule_utils.erl b/apps/emqx_rule_engine/src/emqx_rule_utils.erl
index 3791b1386..67436ea5e 100644
--- a/apps/emqx_rule_engine/src/emqx_rule_utils.erl
+++ b/apps/emqx_rule_engine/src/emqx_rule_utils.erl
@@ -60,8 +60,8 @@
           ]}).
 
 -define(EX_PLACE_HOLDER, "(\\$\\{[a-zA-Z0-9\\._]+\\})").
-
 -define(EX_WITHE_CHARS, "\\s"). %% Space and CRLF
+-define(FLOAT_PRECISION, 17).
 
 -type(uri_string() :: iodata()).
 
@@ -336,12 +336,12 @@ bool(Bool) -> error({invalid_boolean, Bool}).
 number_to_binary(Int) when is_integer(Int) ->
     integer_to_binary(Int);
 number_to_binary(Float) when is_float(Float) ->
-    float_to_binary(Float, [{decimals, 10}, compact]).
+    float_to_binary(Float, [{decimals, ?FLOAT_PRECISION}, compact]).
 
 number_to_list(Int) when is_integer(Int) ->
     integer_to_list(Int);
 number_to_list(Float) when is_float(Float) ->
-    float_to_list(Float, [{decimals, 10}, compact]).
+    float_to_list(Float, [{decimals, ?FLOAT_PRECISION}, compact]).
 
 parse_nested(Attr) ->
     case string:split(Attr, <<".">>, all) of