An in-line variable attenuator has been proposed and demonstrated exploiting a side-polished single-mode (SM) fiber evanescently coupled with an index matched dielectric plate. The attenuation can be controlled by fine mechanical sliding of the index matched dielectric plate. We have achieved 49 ㏈ dynamic range and very low excess loss of 0.2 ㏈ at 1550 nm wavelength. The measured polarization dependent losses (PDL) were 0.1, 0.2, and 0.4 ㏈ at 10, 20, and 30 ㏈ attenuation, respectively. Wavelength sensitivity was measured to be -0.017/nm ㏈ at 20 ㏈ attenuation.