Change current working directory in IPython (Windows)

After some experimenting I figured out that the 'cd' magic command without any arguments resets the current working directory to 'C:\Users\jkokorian'. I assumed that it would echo the current working directory, but apparently it doesn't.

If you wish to run certain .py file under certain directory which differs from the current directory. You need execute the following 2 rows together:

%cd C:\example_folder1\example_folder2\
%run example.py

mind that the last \ can make sure it returns to next row instead of execute the current row.