Why Couldn't Command Prompt Recognize ~Dp0?

I'm having similar problems since months when I start batch files, but I was able to modify them to work by explicitly giving paths. Now Steam gave me this message, when trying to run a game for the first time:

Windows can't find ~dp0\VC_redist.x64.exe

I checked the Path variables, and everything exists which exists on a newly installed Windows, if they are involves in.