Hot rubber smell coming from engine. on 1999 BMW 540i

I have a 99 540 with 70,000 miles. The car has been very well taken care of. After driving, a hot rubber smell comes from the engine compartment. It does not smell like hot oil but rather hot rubber. I noticed that the power steering fluid reserve had leaked somewhat. Could that be causing the smell?

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2 answers
one of your pulleys is freezing up
What your smelling is probably your belt. Have it inspected right away or going to leave you stranded. Like answer #1 something binding up belt.