According to Tang Rhymes (Tangyun), it is pronounced lu (rising tone). According to Collected Rhymes (Jiyun), it is pronounced bi (rising tone), which is the same as the pronunciation of bi. Explaining Graphs and Analyzing Characters (Shuowen Jiezi) defines it as the tearing of silk. The Urgent Collection (Jijiupian) contains the sentence: Bipi, the tattered silk pouch is not worth a coin. The commentary explains: Bi refers to tattered silk fabric.
Additionally, according to Collected Rhymes (Jiyun), it is pronounced fou (rising tone), which is the same as the pronunciation of fou, and the meaning is the same.