Until a recent update of Excel 2003, when using an existing file and wanting
to save it with a different name, I could enter "Save As" and it defaulted to
the directory where the original file came from.

Now, instead of defaulting to the folder of the original file, it defaults
to the folder that was last accessed.

Is there an option to change back to how it operated before?

I am using Excel 2003 SP3