Burnt rubber smell?

[emj]

I have a '97 528i 183K miles. After the car has been running for a little while, there is a smell of burning rubber. I notice it while driving or idling. I checked the oil level and it the level doesn't appear to be going down. I noticed a couple of drops of fluid on my garage floor, but not sure which fluid it is. The droplets seems to be right underneath the center of the engine bay close to the front but behind the protective cover. I also looked at the vcg but don't see any signs of oil leak. Any ideas of the source of burnt smell and fluid droplets?

Thanks

[rancor]

check to see if the belt is rubbing anywhere, and take the under engine cover off to see what is leaking

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[emj]

This morning just before leaving for work. There was a fresh droplet of fluid on the ground. When I touched it with my finger the color was clear. It doesn't look like oil to me. Which fluid is usually clear?

[RVAE34]

Brake fluid?