GNU make itself does not provide this ability. However, many shells will set the PWD
environment variable, and since GNU make imports all environment variables as make macros, you can find out this way:
$ pwd
/home/madscientist
$ echo 'all: ; @echo $(PWD) $(CURDIR)' | make -f-
/home/madscientist /home/madscientist
$ echo 'all: ; @echo $(PWD) $(CURDIR)' | make -f- -C /tmp
/home/madscientist /tmp
Be aware, this relies on the shell's behavior! Different users' shells may behave differently.