diff --git a/setup.py b/setup.py
index 2f914c484..24ab3340e 100644
--- a/setup.py
+++ b/setup.py
@@ -66,7 +66,7 @@ on_rtd = os.environ.get('READTHEDOCS')
 install_requires = [
     # we are rather picky about msgpack versions, because a good working msgpack is
     # very important for borg, see: https://github.com/borgbackup/borg/issues/3753
-    'msgpack >=0.5.6, <=1.0.2, !=1.0.1',
+    'msgpack >=0.5.6, <=1.0.3, !=1.0.1',
     # Please note:
     # using any other version is not supported by borg development and
     # any feedback related to issues caused by this will be ignored.
diff --git a/src/borg/helpers/msgpack.py b/src/borg/helpers/msgpack.py
index 71e5a4925..3e2e00a63 100644
--- a/src/borg/helpers/msgpack.py
+++ b/src/borg/helpers/msgpack.py
@@ -182,7 +182,7 @@ def is_slow_msgpack():
 def is_supported_msgpack():
     # DO NOT CHANGE OR REMOVE! See also requirements and comments in setup.py.
     import msgpack
-    return (0, 5, 6) <= msgpack.version <= (1, 0, 2) and \
+    return (0, 5, 6) <= msgpack.version <= (1, 0, 3) and \
            msgpack.version not in [(1, 0, 1), ]  # < add bad releases here to deny list