the pupil of the eye, to see
矑 centers on the pupil of the eye and the act of seeing. The two meanings are closely linked: the pupil is the part of the eye through which we see.
矑 combines 目 (eye) with 盧, which likely contributes the sound. The character is a phono-semantic compound where 目 indicates the meaning related to the eye, and 盧 suggests the reading.
The left side 目 is an eye, and the right side 盧 looks like a complex container. Imagine looking into a deep, dark container and seeing your own pupil reflected back at you.
For ロ, picture a low light reflecting in the pupil: low -> ロ, and you see it in the eye.