\documentclass{article}

\usepackage[T1]{fontenc}
\usepackage{graphicx}
\usepackage{pstricks}

\pagestyle{empty}

\begin{document}

\newsavebox\IBox
\sbox\IBox{\includegraphics{rose}}
\color{red}\fboxsep=0pt
\fbox{%
\begin{pspicture}(\wd\IBox,\ht\IBox)
\rput[lb](0,0){\usebox\IBox}
\rput[rt](\wd\IBox,\ht\IBox){\includegraphics[width=1.5cm]{rose}}
\end{pspicture}}

\end{document}