diff --git a/v2/build/project.jam b/v2/build/project.jam
index c939e7021..5751dfa8f 100644
--- a/v2/build/project.jam
+++ b/v2/build/project.jam
@@ -907,6 +907,8 @@ module project-rules
         import project ;
         import toolset ;
 
+        local saved-project = [ modules.peek project : .current-project ] ;
+
         # Temporarily change the search path so the module referred to by
         # 'using' can be placed in the same directory as Jamfile. User will
         # expect the module to be found even though the directory is not in
@@ -925,7 +927,7 @@ module project-rules
         # get set as the 'current' project). Restore the correct value so any
         # main targets declared after this do not get mapped to the loaded
         # module's project.
-        modules.poke project : .current-project : [ project.target $(caller) ] ;
+        modules.poke project : .current-project : $(saved-project) ;
     }
 
     rule import ( * : * : * )