diff -r 5d75eb8568d1 -r 531e69ff348f mercurial/dispatch.py
--- a/mercurial/dispatch.py	Thu Mar 22 16:54:46 2012 -0500
+++ b/mercurial/dispatch.py	Thu Mar 22 17:08:05 2012 -0500
@@ -225,7 +225,9 @@
         def replacer(m):
             num = int(m.group(1)) - 1
             nums.append(num)
-            return givenargs[num]
+            if num < len(givenargs):
+                return givenargs[num]
+            return ''
         cmd = re.sub(r'\$(\d+|\$)', replacer, cmd)
         givenargs = [x for i, x in enumerate(givenargs)
                      if i not in nums]