  The onset of the Russo-Ukrainian crisis has led to the rapid depreciation of
the Russian ruble. In this study, we model intraday price fluctuations of the
USD/RUB and the EUR/RUB exchange rates from the $1^{st}$ of December 2021 to
the $7^{th}$ of March 2022. Our approach is novel in that instead of using
daily (low-frequency) measures of attention and investor's expectations, we use
intraday (high-frequency) data: google searches and implied volatility to proxy
investor's attention and expectations. We show that both approaches are useful
in predicting intraday price fluctuations of the two exchange rates, although
implied volatility encompasses intraday attention.
