Why Apple’s foldable iPhone Duo costs ₹2,99,900 in India

On September 9, 2026, Apple introduced its inaugural foldable iPhone, the iPhone Duo, in Cupertino, California. In India, the device begins at ₹2,99,900 for the 256GB model. However, in the United States, the price is $1,999. At the current exchange rate of approximately ₹95 per dollar, a direct conversion of $1,999 would equate to around ₹1,90,000.

Yet, Indian consumers will pay close to ₹3,00,000, resulting in a discrepancy of over ₹1,00,000, or nearly 50% above the "fair" converted price. The Indian rupee has weakened in the past year, but it is still trading at around ₹95 against the dollar. Despite the exchange rate being the primary factor, the iPhone Duo's price in India is significantly higher than a straightforward conversion would indicate.

This price difference suggests that there is more to the pricing strategy than meets the eye. Even with local assembly, a substantial portion of the foldable iPhone's most costly components, such as OLED panels, hinge mechanisms, high-end camera modules, and the A-series chip, remain imported. India's customs duty regime taxes these components prior to their arrival at the assembly line, and this cost is incorporated into the final price.

Furthermore, India levies an 18% GST on smartphones, further increasing the product's price. While Apple has expanded its assembly operations in India through partnerships, some models still bear the U.S. country of origin label on their packaging. Although assembling in India has enabled Apple to avoid some duties on finished phones and provides the company with a buffer against global supply chain disruptions and geopolitical risks, these savings have not been passed on to consumers.

India has consistently seen the highest iPhone prices since the iPhone 6s, and Apple has traditionally treated India as a market where the brand can command a premium. The Duo's pricing has already sparked discussions, as the 2TB variant costs almost as much as a Maruti hatchback. The company's pricing signals that it is not aiming for high volumes with this device but targeting margins from a smaller customer base willing to pay regardless.

Until India's import-duty structure on high-value components changes, or Apple begins sourcing those parts locally, the gap between the dollar price and the rupee price is likely to persist.