Smaller and cheaper iPad that was highly awaited was released last year boosting the sales of Apple in the new segment of smaller tablets from the technology giant. However, it was a tad disappointing with the case of the iPhone's latest version where the prices are rocket high. However, there is nothing to worry. Within the next few months there would be an advanced version of the iPhone 5S and also a cheaper version of the iphone too like the ipad.

There have been pictures sporting a plastic back supporting the rumors but they were not confirmed. But now as per a source of ETrade Supply in Foxconn, which manufacturer iPhones, Apple is gearing up to launch a budget smartphone. However, some other analysts expect the phone to be mid-range rather than a budget phone with a $300-$400 tag. According to an alleged leaked image of the cheaper iPhone, the upcoming device will have a glossy plastic back.

Speculation is also rife that Apple will launch the cheaper iPhone as well as the upgraded version of iPhone (likely to be called iPhone5S) together on June 20.

(AW- Anil)