This symbol is the outline of an area with a pictograph of a gate at the centre. Hence, it is an ideograph for the noun gate area. In context, it might be paraphrased as by the gate.
Illustrative Text Reference:
Mohenjo-daro: Seal: M-1134 a: Sayid Ghulam Mustafa Shah and Asko Parpola, 1991: Corpus of Indus Seals and Inscriptions: Volume 2: Page 125: Collections in Pakistan: Suomalainen Tiedeakatemia.
Comment:
Please note that the rhinoceros motif on seal impression M-1134 faces left. This indicates that inscription M-1134 should be read from left to right.
Image Credit:
Gate Area: Lynn Fawcett, 2018.