diff --git a/src/Makefile.m32 b/src/Makefile.m32
index 8cecfc31c1af8a11f4619c5fef6a05deae8d1926..5ace17ef11a5c59234d9c09e34dba8cea66bcc5d 100644
--- a/src/Makefile.m32
+++ b/src/Makefile.m32
@@ -153,7 +153,7 @@ SCHANNEL = 1
 SSPI = 1
 endif
 
-INCLUDES = -I. -I.. -I../include -I../lib
+INCLUDES = -I. -I../include -I../lib
 
 ifdef DYN
   curl_DEPENDENCIES = $(PROOT)/lib/libcurldll.a $(PROOT)/lib/libcurl.dll