diff --git a/go.mod b/go.mod
index 50f851e..b943551 100644
--- a/go.mod
+++ b/go.mod
@@ -8,7 +8,7 @@ retract (
 )
 
 require (
-	github.com/buildkite/interpolate v0.1.4
+	github.com/buildkite/interpolate v0.1.5
 	github.com/google/go-cmp v0.6.0
 	github.com/gowebpki/jcs v1.0.1
 	github.com/lestrrat-go/jwx/v2 v2.1.3
diff --git a/go.sum b/go.sum
index f4ebb36..1165748 100644
--- a/go.sum
+++ b/go.sum
@@ -1,5 +1,5 @@
-github.com/buildkite/interpolate v0.1.4 h1:qacB5WR+7+Ol1xiJ4xZajHh/CGDdhcMesXR+V3thZPA=
-github.com/buildkite/interpolate v0.1.4/go.mod h1:dHnrwHew5O8VNOAgMDpwRlFnhL5VSN6M1bHVmRZ9Ccc=
+github.com/buildkite/interpolate v0.1.5 h1:v2Ji3voik69UZlbfoqzx+qfcsOKLA61nHdU79VV+tPU=
+github.com/buildkite/interpolate v0.1.5/go.mod h1:dHnrwHew5O8VNOAgMDpwRlFnhL5VSN6M1bHVmRZ9Ccc=
 github.com/creack/pty v1.1.9/go.mod h1:oKZEueFk5CKHvIhNR5MUki03XCEU+Q6VDXinZuGJ33E=
 github.com/davecgh/go-spew v1.1.0/go.mod h1:J7Y8YcW2NihsgmVo/mv3lAwl/skON4iLHjSsI+c5H38=
 github.com/davecgh/go-spew v1.1.2-0.20180830191138-d8f796af33cc h1:U9qPSI2PIWSS1VwoXQT9A3Wy9MM3WgvqSxFWenqJduM=
diff --git a/interpolate_test.go b/interpolate_test.go
index 2ff631b..0914791 100644
--- a/interpolate_test.go
+++ b/interpolate_test.go
@@ -206,6 +206,31 @@ func TestInterpolator(t *testing.T) {
 				},
 			},
 		},
+		{
+			name:          "empty_variable_reference",
+			caseSensitive: true,
+			runtimeEnv:    map[string]string{"FOO_BAR": "runtime_baz", "SECOND": "BAR"},
+			input: &Pipeline{
+				Env: ordered.MapFromItems(
+					ordered.TupleSS{Key: "BUILDKITE_MESSAGE", Value: "This $ is literal and should be ignored"},
+				),
+				Steps: Steps{
+					&CommandStep{
+						Command: "echo $BUILDKITE_MESSAGE",
+					},
+				},
+			},
+			expected: &Pipeline{
+				Env: ordered.MapFromItems(
+					ordered.TupleSS{Key: "BUILDKITE_MESSAGE", Value: "This $ is literal and should be ignored"},
+				),
+				Steps: Steps{
+					&CommandStep{
+						Command: "echo This $ is literal and should be ignored",
+					},
+				},
+			},
+		},
 		{
 			name:       "runtime_env_precedence_order",
 			runtimeEnv: map[string]string{"FOO": "runtime_foo"},