What universal property does $\text{Hom}_R(-,R)$ represent?

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Let $R$ be a commutative ring. Denote by $R$-Mod the category of $R$ modules.

$R$ is described by a universal property, it is the free $R$-module on one generator. This universal property is captured by the fact that $\text{Hom}_R(R,{-})$ is naturally isomorphic to the obvious forgetful functor $U : R\text{-Mod} \to \text{Sets}$.

Is the functor $\text{Hom}_R(-,R)$ naturally isomorphic to some well known functor. If so what object does it represent?