Water with a pronounced odour (4)

I believe the answer is:

oder

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'water' is the definition.
(Oder is an example)

I cannot understand how the rest of the clue works.

(Other definitions for oder that I've seen before include "river, one in central Europe" , "East European river" , "German river that empties into the Baltic Sea" , "School blazer insignia" , "European banker" .)

I've seen this clue in the Evening Standard.

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