This character is a Currency Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it is written as end of a European number, e.g., a currency symbol, from left to right. When changing direction it is not mirrored. U+20A5 prohibits a line break after it, if it is followed by a number. The glyph can be confused with one other glyph.
The CLDR project calls this character “mill” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: mil.
The Wikipedia has the following information about this codepoint:
The mill (American English) or mil (Commonwealth English, except Canada) is a unit of currency, used in several countries as one-thousandth of the base unit. It is symbolized as ₥, the MILL SIGN character in Unicode.
In the United States, it is a notional unit equivalent to a thousandth of a United States dollar (a hundredth of a dime or a tenth of a cent). In the United Kingdom, it was proposed during the decades of discussion on decimalisation as a 1⁄1000 division of sterling's pound. While this system was never adopted in the United Kingdom, the currencies of some British or formerly British territories did adopt it, such as the Palestine pound and the Maltese lira.
The term comes from the Latin "millesimum", meaning "thousandth part".