diff --git a/Gemfile.lock b/Gemfile.lock
index 344c818467a..fcd736fb023 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -56,7 +56,7 @@ GEM
       netrc (~> 0.11)
     cocoapods-try (1.2.0)
     colored2 (3.1.2)
-    concurrent-ruby (1.3.4)
+    concurrent-ruby (1.3.3)
     escape (0.0.4)
     ethon (0.16.0)
       ffi (>= 1.15.0)
@@ -68,14 +68,14 @@ GEM
     i18n (1.14.5)
       concurrent-ruby (~> 1.0)
     json (2.7.2)
-    minitest (5.25.1)
+    minitest (5.24.1)
     molinillo (0.8.0)
     nanaimo (0.3.0)
     nap (1.1.0)
     netrc (0.11.0)
     nkf (0.2.0)
     public_suffix (4.0.7)
-    rexml (3.3.5)
+    rexml (3.2.9)
       strscan
     ruby-macho (2.5.1)
     strscan (3.1.0)
@@ -83,13 +83,13 @@ GEM
       ethon (>= 0.9.0)
     tzinfo (2.0.6)
       concurrent-ruby (~> 1.0)
-    xcodeproj (1.25.0)
+    xcodeproj (1.24.0)
       CFPropertyList (>= 2.3.3, < 4.0)
       atomos (~> 0.1.3)
       claide (>= 1.0.2, < 2.0)
       colored2 (~> 3.1)
       nanaimo (~> 0.3.0)
-      rexml (>= 3.3.2, < 4.0)
+      rexml (~> 3.2.4)
 
 PLATFORMS
   ruby
diff --git a/packages/react-native/Libraries/Core/ReactNativeVersion.js b/packages/react-native/Libraries/Core/ReactNativeVersion.js
index 34b38340225..5ad06c4ce99 100644
--- a/packages/react-native/Libraries/Core/ReactNativeVersion.js
+++ b/packages/react-native/Libraries/Core/ReactNativeVersion.js
@@ -12,6 +12,6 @@
 exports.version = {
   major: 0,
   minor: 72,
-  patch: 17,
+  patch: 16,
   prerelease: null,
 };
diff --git a/packages/react-native/React/Base/RCTVersion.m b/packages/react-native/React/Base/RCTVersion.m
index 468b5b25d5c..03027cce1b5 100644
--- a/packages/react-native/React/Base/RCTVersion.m
+++ b/packages/react-native/React/Base/RCTVersion.m
@@ -23,7 +23,7 @@ NSDictionary* RCTGetReactNativeVersion(void)
     __rnVersion = @{
                   RCTVersionMajor: @(0),
                   RCTVersionMinor: @(72),
-                  RCTVersionPatch: @(17),
+                  RCTVersionPatch: @(16),
                   RCTVersionPrerelease: [NSNull null],
                   };
   });
diff --git a/packages/react-native/ReactAndroid/gradle.properties b/packages/react-native/ReactAndroid/gradle.properties
index b78dd68d348..e21ee4c1c75 100644
--- a/packages/react-native/ReactAndroid/gradle.properties
+++ b/packages/react-native/ReactAndroid/gradle.properties
@@ -1,4 +1,4 @@
-VERSION_NAME=0.72.17
+VERSION_NAME=0.72.16
 GROUP=com.facebook.react
 
 # JVM Versions
diff --git a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
index 3eded86e860..44cfbd1b26a 100644
--- a/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
+++ b/packages/react-native/ReactAndroid/src/main/java/com/facebook/react/modules/systeminfo/ReactNativeVersion.java
@@ -17,6 +17,6 @@ public class ReactNativeVersion {
   public static final Map<String, Object> VERSION = MapBuilder.<String, Object>of(
       "major", 0,
       "minor", 72,
-      "patch", 17,
+      "patch", 16,
       "prerelease", null);
 }
diff --git a/packages/react-native/ReactCommon/cxxreact/ReactNativeVersion.h b/packages/react-native/ReactCommon/cxxreact/ReactNativeVersion.h
index 1b3d1252f63..54295de4d55 100644
--- a/packages/react-native/ReactCommon/cxxreact/ReactNativeVersion.h
+++ b/packages/react-native/ReactCommon/cxxreact/ReactNativeVersion.h
@@ -17,7 +17,7 @@ namespace facebook::react {
 constexpr struct {
   int32_t Major = 0;
   int32_t Minor = 72;
-  int32_t Patch = 17;
+  int32_t Patch = 16;
   std::string_view Prerelease = "";
 } ReactNativeVersion;
 
diff --git a/packages/react-native/package.json b/packages/react-native/package.json
index b2eb38b74f8..18633947518 100644
--- a/packages/react-native/package.json
+++ b/packages/react-native/package.json
@@ -1,6 +1,6 @@
 {
   "name": "react-native",
-  "version": "0.72.17",
+  "version": "0.72.16",
   "bin": "./cli.js",
   "description": "A framework for building native apps using React",
   "license": "MIT",
diff --git a/packages/react-native/template/package.json b/packages/react-native/template/package.json
index 595ee16d205..84c0ae32d17 100644
--- a/packages/react-native/template/package.json
+++ b/packages/react-native/template/package.json
@@ -11,7 +11,7 @@
   },
   "dependencies": {
     "react": "18.2.0",
-    "react-native": "0.72.17"
+    "react-native": "0.72.16"
   },
   "devDependencies": {
     "@babel/core": "^7.20.0",