diff --git a/lisp/progmodes/make-mode.el b/lisp/progmodes/make-mode.el
index fb71420..2b4ed85 100644
--- a/lisp/progmodes/make-mode.el
+++ b/lisp/progmodes/make-mode.el
@@ -712,6 +712,7 @@ makefile-mode-syntax-table
     (modify-syntax-entry ?#  "<     " st)
     (modify-syntax-entry ?\n ">     " st)
     (modify-syntax-entry ?= "." st)
+    (modify-syntax-entry ?$ "." st)
     st)
   "Syntax table used in `makefile-mode'.")