diff --git a/spec/std/exception/call_stack_spec.cr b/spec/std/exception/call_stack_spec.cr
index 1fe31b01ad41..337a678430c2 100644
--- a/spec/std/exception/call_stack_spec.cr
+++ b/spec/std/exception/call_stack_spec.cr
@@ -57,4 +57,21 @@ describe "Backtrace" do
     output.to_s.empty?.should be_true
     error.to_s.should contain("Invalid memory access")
   end
+
+  pending_win32 "print exception with non-existing PWD" do
+    source_file = datapath("blank_test_file.txt")
+    compile_file(source_file) do |executable_file|
+      output, error = IO::Memory.new, IO::Memory.new
+      with_tempfile("non-existent") do |path|
+        Dir.mkdir path
+        Dir.cd(path) do
+          # on win32 it seems not possible to remove the directory while we're cd'ed into it
+          Dir.delete(path)
+          status = Process.run executable_file
+
+          status.success?.should be_true
+        end
+      end
+    end
+  end
 end
diff --git a/src/exception/call_stack.cr b/src/exception/call_stack.cr
index 536b77bb57d6..498791d97a2b 100644
--- a/src/exception/call_stack.cr
+++ b/src/exception/call_stack.cr
@@ -13,9 +13,10 @@ struct Exception::CallStack
   # Compute current directory at the beginning so filenames
   # are always shown relative to the *starting* working directory.
   CURRENT_DIR = begin
-    dir = Process::INITIAL_PWD
-    dir += File::SEPARATOR unless dir.ends_with?(File::SEPARATOR)
-    dir
+    if dir = Process::INITIAL_PWD
+      dir += File::SEPARATOR unless dir.ends_with?(File::SEPARATOR)
+      dir
+    end
   end
 
   @@skip = [] of String
diff --git a/src/exception/call_stack/libunwind.cr b/src/exception/call_stack/libunwind.cr
index 73852b8b163d..17a784de8f57 100644
--- a/src/exception/call_stack/libunwind.cr
+++ b/src/exception/call_stack/libunwind.cr
@@ -141,7 +141,9 @@ struct Exception::CallStack
         next if @@skip.includes?(file)
 
         # Turn to relative to the current dir, if possible
-        file = file.lchop(CURRENT_DIR)
+        if current_dir = CURRENT_DIR
+          file = file.lchop(current_dir)
+        end
 
         file_line_column = "#{file}:#{line}:#{column}"
       end
diff --git a/src/process/executable_path.cr b/src/process/executable_path.cr
index ed2e7a77722c..5d8062a0d8d6 100644
--- a/src/process/executable_path.cr
+++ b/src/process/executable_path.cr
@@ -9,7 +9,16 @@ class Process
   INITIAL_PATH = ENV["PATH"]?
 
   # :nodoc:
-  INITIAL_PWD = Dir.current
+  #
+  # Working directory at program start. Nil if working directory does not exist.
+  #
+  # Used for `Exception::CallStack::CURRENT_DIR`
+  # and `Process.executable_path_impl` on openbsd.
+  INITIAL_PWD = begin
+    Dir.current
+  rescue File::NotFoundError
+    nil
+  end
 
   # Returns an absolute path to the executable file of the currently running
   # program. This is in opposition to `PROGRAM_NAME` which may be a relative or
@@ -166,7 +175,9 @@ end
   # openbsd, ...
   class Process
     private def self.executable_path_impl
-      find_executable(PROGRAM_NAME, INITIAL_PATH, INITIAL_PWD)
+      if pwd = INITIAL_PWD
+        find_executable(PROGRAM_NAME, INITIAL_PATH, pwd)
+      end
     end
   end
 {% end %}