diff --git a/Makefile.in b/Makefile.in
index 862ab70..e2460da 100644
--- a/Makefile.in
+++ b/Makefile.in
@@ -301,7 +301,7 @@ $(IMAGE): $(VM) scheme/env/init-defpackage.scm scheme/more-interfaces.scm \
 		scheme/link-packages.scm scheme/more-packages.scm \
 		$(usual-files) build/initial.debug build/build-usual-image
 	$(srcdir)/build/build-usual-image $(srcdir) \
-	 "`(cd $(srcdir) && echo $(PWD))`/scheme" '$(IMAGE)' './$(VM)' \
+	 "`(cd $(srcdir) && echo $$PWD)`/scheme" '$(IMAGE)' './$(VM)' \
 		'$(INITIAL)'
 
 ### Fake targets:  all clean install man dist