This Indus sign is a modified version of the symbol for border region. The word border has been set on the diagonal and elongated slightly to give the idea of something that is imprecise. Hence, the sign translates as 'near the border', or 'in the vicinity of the border'.
Illustrative Text Reference:
Mohenjo-daro: Seal: M-1664 a: Asko Parpola, B. M. Pande, and Petteri Koskikallio, 2010: Corpus of Indus Seals and Inscriptions: Volume 3,1: Page 6: New material, untraced objects, and collections outside India and Pakistan: Suomalainen Tiedeakatemia.
Comment:
I have changed the orientation of Mahadevan's sign number 1028 to match that in inscription M-1664.
Image Credit:
Indus Script Sign Number 1028 (mirrored): List of Sign Variants: Iravatham Mahadevan, 1977: The Indus Script: Texts, Concordance and Tables: The Director General Archaeological Survey of India.