local scoped cwd

Anonymous Monk has asked for the wisdom of the Perl Monks concerning the following question:

Is there a way to do what I mean:

if ($foo)
{
    local $cwd = ".."; /* current working directory changes */
    ...
}
/* cwd is back to original directory */
[download]

The semantics being:

if ($foo)
{
    my $old_cwd = cwd;
    chdir "..";
    ...
    chdir $old_cwd;
}
[download]