The volatility in the Indian rupee has all but vanished in the past few months, which, currency dealers say, is leading to a hubris among importers and companies with foreign currency exposure, who are increasingly keeping their positions unhedged.Part of the reason for the stable currency is active intervention by the Reserve Bank of India (RBI), say currency dealers. While the central bank has communicated in the past that it intervenes to iron out volatility, currency dealers say under the present dispensation, the central bank is nullifying the volatility to a large extent. For the past few weeks, the exchange rate has hardly inched by five paise.The rupee in the first three months has moved quite rapidly, but the RBI intervention has meant it is maintaining an extended stability for some time now.