This is rabbanit Margalit, the wife of rabbi Ovadia Yosef, of blessed memory. 
It is interesting that is a showing a good (square) tefach of hair.

Another question, I wonder if this is a wig? (the wife of the rebbe Rayatz) If yes, it is definitely a gorgeous natural sheitel for the time. My ancestors didn't wear anything near that!
Interesting off topic, both the rebbe and his wife were only children.



For more fascinating "rebbishe" pictures: http://soc.qc.cuny.edu/faculty/the-rebbe/the-rebbe-offsite-resources/
Expect some gasps!