diff -r 3b1da2848fc7 -r d3bac044e0f0 qmake/project.cpp
--- a/qmake/project.cpp	Fri Feb 19 23:40:16 2010 +0200
+++ b/qmake/project.cpp	Fri Mar 12 15:46:37 2010 +0200
@@ -3067,7 +3067,7 @@
         place[var] = QStringList(pfile);
     } else if(var == QLatin1String("_PRO_FILE_PWD_")) {
         var = ".BUILTIN." + var;
-        place[var] =  QStringList(QFileInfo(pfile).absolutePath());
+        place[var] = QStringList(pfile.isEmpty() ? qmake_getpwd() : QFileInfo(pfile).absolutePath());
     } else if(var == QLatin1String("_QMAKE_CACHE_")) {
         var = ".BUILTIN." + var;
         if(Option::mkfile::do_cache)