If the folder does not exist it doesn't go anywhere.
Now if you are moving a folder that is empty it will go where you designate the location. Cpanel always ask where you want to send the file.
If folder does not exist, you won't be able to select the path of the destination location. A file cannot be moved if you don't select the destination path. In short it's not possible to move the file in folder that does not exist.
If you mean the folder with .. for the name then it goes back one directory. Maybe that is what you mean because like everyone else said if you don't specify a location it won't go anywhere.