匂い (におい) refers to a fragrance, or something that is nice-smelling. As far as I know, this kanji is only used for this word in Japanese.
I notice that the character 匂 is uncommon. The usage of 匂 is rare even in Chinese, where it is a variant of the character 匈. 匈 is used to refer to the ancient Huns, or modern-day Hungarians. It was originally used to refer to the chest area of a human, before being replaced by 胸.
How are Hungarians or chests related to a fragrant smell?