Why iPhone's are so costly in India?

In my opinion, the depreciation of Indian rupees is one of the major reasons why we get this phone at such an exalted price compared to the rest of the world. Our currency has really dipped to a very significant mark against the US dollar in the past a few years; therefore, when a buyer goes to purchase it in India, the cost is straight away converted from USD to INR, and thus, the lower value of our rupees makes this phone costlier.

However, this is what I come across while looking for pictures to sum up my answer and I can't stop going ROFL once I saw it.