Apple Inc's iPhones are known to be one of the costliest smartphones sold in India. A report by Deutsche Bank suggests that India is the fourth most expensive country in the world to buy an iPhone.

In its survey titled, 'Mapping the World's Prices 2019,' Deutsche Bank discovered that almost every country in the world sold iPhone XS at a price higher than that in the US. The highest price was recorded in Brazil at $2,050, which is 64 percent more expensive than in the US. It was followed by Turkey and Argentina, where the smartphone costs $1,880 and $1,776 respectively.

The fourth being India, where iPhone XS is priced at $1,635.

According to the survey, Nigeria, is the only country in its list, where iPhones are cheaper than in the US.

After pressure from increased costs amid the US-China trade war, Apple had to increase the prices of iPhones.

The trade spat between the two biggest economies in the world has been influencing Apple the most for two main reasons. First, it assembles iPhones primarily in mainland China and secondly, it makes a major part of its revenue from sales in China.

Earlier, in a report by Fortune magazine, an analyst said that the production costs of making iPhones is likely to increase by 3 percent, after the new round of tariffs recently announced by China would kick on 1 June. In order to maintain the profit margin on their sales, it is likely that Apple would increase the prices on the smartphones to a similar extent.

However, in India, the company has taken a different approach to woo domestic consumers. It has been capitalising its older models by assembling them in India, thus allowing these iPhones to be sold at comparitively lower rates. Assembling of iPhone 7 at Apple's supplier Wistron's facility in Bengaluru has already begun.

The company also has plans to open its branded stores in India.