This character is a Other Letter and is mainly used in the Arabic script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it is written as Arabic letter from right to left. When changing direction it is not mirrored. The word that U+06A4 forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with one other glyph.
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Ve (based on name of the letter فfāʾ) ڤ is a letter of the Arabic-based Kurdish, Comoro, Wakhi, and Karakhanid alphabets. It is derived from the Arabic letter fāʾ (ف) with two additional dots. It represents the sound /v/ in the aforementioned uses.
Ve originated as one of the new letters added for the Perso-Arabic alphabet to write New Persian, and it was used for the sound /β/. This letter is no longer used in Persian, as the [β]-sound changed to [b], e.g. archaic زڤان/zaβɑn/ > زبان/zæbɒn/ 'language'
The letter is sometimes used unofficially in Arabic dialects to write foreign names and loanwords with the phoneme /v/ instead of using ف/f/, such as ڤولڤو (Volvo), ڤيتنام (Vietnam), نوڤمبر (November) and ڤيينا (Vienna) instead of the official transcribe فولفو, فيتنام, نوفمبر and فيينا. In Egyptian Arabic, it is called fe be talat noʾaṭ (فه بتلات نقط, "Fa' with three dots").
In Jawi script, used for Malay language, ڤ stands for /p/.
It is also frequently used in Israel for transcribing names that have a /v/ sound into Arabic, which is used on Israel's street plates, on signs and labels.
The character is mapped in Unicode under position U+06A4.
The Maghrebi style, used in Northwestern Africa, the dots moved underneath (Unicode U+06A5), because it is based on the other style of fāʼ (ڢ):