diff --git a/scsh/scsh.scm b/scsh/scsh.scm
index d163943..7651ef6 100644
--- a/scsh/scsh.scm
+++ b/scsh/scsh.scm
@@ -292,10 +292,10 @@
 
 (define-record-resumer type/cache
   (lambda (cache)
-    (set-cache:cwd cache "")))  ; set the cache to an impossible filename.  
+    (set-cache:cwd cache  (process-cwd))))  ; set the cache to an impossible filename.  
 
 (define *unix-cwd* 
-  (make-cache "")) ; Initialise the cache to an impossible filename.
+  (make-cache  (process-cwd))) ; Initialise the cache to an impossible filename.
 
 (define (unix-cwd)
   (cache:cwd *unix-cwd*))
@@ -325,12 +325,19 @@
 		    result))))
 
 ;;; The thread-specific CWD: A fluid
-(define $cwd (make-fluid (process-cwd)))
+(define-record state
+  cwd)
 
-(define (cwd) (fluid $cwd))
-(define (set-cwd! dir) (set-fluid! $cwd dir))   
+(define-record-resumer type/state
+  (lambda (state)
+    (set-state:cwd state (make-fluid (process-cwd)))))
+
+(define $cwd (make-state (make-fluid (process-cwd))))
+
+(define (cwd) (fluid (state:cwd $cwd)))
+(define (set-cwd! dir) (set-fluid! (state:cwd $cwd) dir))
 (define (let-cwd dir thunk)
-  (let-fluid $cwd dir thunk))
+  (let-fluid (state:cwd $cwd) dir thunk))
 
 (define (with-cwd* dir thunk) 
   (let ((changed-dir #f))