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This character is the combination of the radical for crescent moon and a figurative representation of a crack. The crack represents a crack in a turtle shell used for divination, and is in fact a character that is no longer in general use meaning divination..
The crecent moon is used to phonetically express something being split open and it also lends its rounded shape to suggest a turtle shell. Since the cracks ususally formed on the outside (convex) surface of the shell, this character came to mean outside/outer. Other and undo are associated meanings.