This symbol is equivalent to the Chinese character nǚ 女. It is an ideograph for the adjective female or the noun woman.
Illustrative Text Reference:
Mohenjo-daro: Seal: M-840 a: Sayid Ghulam Mustafa Shah and Asko Parpola, 1991: Corpus of Indus Seals and Inscriptions: Volume 2: Page 75: Collections in Pakistan: Suomalainen Tiedeakatemia.
Comment:
Mahadevan's sign number 1001 is the verb to deliver with the addtion of a horizontal line inside the body of the character. Females can, of course, deliver offspring from within their bodies. However, this explanation for the ideograph is only conjecture.
Image Credit:
Indus Script Sign Number 1001: List of Sign Variants: Iravatham Mahadevan, 1977: The Indus Script: Texts, Concordance and Tables: The Director General Archaeological Survey of India.