In a Twitter post, Madhav Sheth, CEO of Realme Mobiles, said that the company will be raising the prices of its products in India after Diwali. He blamed the decision on the depreciation of the rupee against the dollar.

“The rupee is falling and as a brand we actually work on low margins. We may have to upgrade the pricing just to make sure that we continue to give you the best technology in our upcoming offerings. We are trying to figure out a solution post-Diwali," he said.

Realme’s current line-up consists of the Realme 2, Realme 2 Pro and Realme C1—all of which may become expensive in the coming days. The Realme 2 is currently priced at 8,990 while the Realme 2 Pro and C1 are priced at 13,990 and 6,999, respectively.

Realme is not the only company to hike prices of smartphones, though. Xiaomi, during the consolidated launch of the Redmi 6-series, mentioned that prices of the phones were “introductory" and would be changed after Diwali.

Xiaomi India head Raghu Reddy went on to explain that manufacturing locally in India helped in this situation as supply chain efficiencies allowed passing on the benefit to consumers. However, a large part of the components is paid for in dollars as these are bought from suppliers from locations like Japan, Taiwan and the US. That is why when the dollar continues to strengthen, costs go up.

The festive season might well be the best time to buy smartphones for customers. Xiaomi’s Redmi 6 Pro and Realme 2 are on sale on Amazon at discounted rates.