Officers had been investigating reports of a serious sexual assault on a 19-year-old girl in Stirling between 4.30am and 5am on Monday.
The attack was said to have happened at Customs roundabout, near Laurencecroft.
Police said the investigation has now concluded and they are no longer looking to trace anyone in connection with the incident.
Police Scotland said: "Police in Forth Valley Division would like to assure the local community that there was no risk to the public in relation to this investigation. Officers would like to pay tribute to the local response during the course of their inquiries."