It will import the index file into the folder in which you run your file, there will be an empty request. Javascript requires the module to try to find the index.jsfile unless you specify a file name (just provide a link to the folder) in the require () argument.
This is basically an alias for const foo = require('./index.js');
index.js
module.exports = 1;
foo.js
const foo = require('.');
console.log({ foo });
,
{ foo: 1 }