What is the current directory in a batch file?

From within your batch file:

• %cd% refers to the current working directory (variable)
• %~dp0 refers to the full path to the batch file’s directory (static)
• %~dpnx0 and %~f0 both refer to the full path to the batch directory and file name (static).

See also: What does %~dp0 mean, and how does it work?