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A man looks at his Apple iPad in front an Apple logo outside an Apple store in downtown Shanghai March 16, 2012. Reuters/Aly Song

Apple is rumoured to be working on a 4-inch iPhone called the iPhone 5se, which could be unveiled along with the iPad Air 3 on March 15. Fresh speculations indicate that this new phone will be available in pink.

According to Apple Insider, which cites information from Japanese blog Mac Otakara, the iPhone 5se that is currently under wraps will be unleashed in a new colour - pink. Unlike the current generation iPhone 6S models that come in a rose gold edition, the iPhone 5se will be available in bright pink. The rose gold colour option is said to remain exclusive to iPhone 6S models.

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The iPhone 5se is expected to sport the same design as iPhone 6S and iPhone 6S Plus but carry a compact appearance. The Japanese blog speculated that the iPhone 5Se will not be available in gold, and apart from bright pink, is likely to be launched in colour variants like space gray and silver.

The sixth generation iPod Touch sports a metallic chassis in a compact design. The iPhone 5se is also expected to resemble the current generation iPod Touch.

It is expected to feature the Apple A8 chipset and 1 GB of RAM, while the 8 MP rear camera will support Live Photos. The front is expected to feature a 1.2 MP camera. For connectivity, the iPhone 5se will be coming with v4.2 Bluetooth, Wi-Fi 802.11ac and NFC.

The iPhone 5se will be launched as an upgraded version of the iPhone 5S. Hence, it is expected to feature a larger battery. Rumours are rife that it will be priced around $449 for the base model of 16 GB. It may also be available in another storage variant of 64 GB. Speculations suggest that it will be aimed towards countries like Brazil, Thailand, China and India.