This character is a Other Symbol and is mainly used in the Katakana script.
The glyph is a circle version of the glyph Katakana Letter Hi. Its East Asian Width is wide. In bidirectional text it is written from left to right. When changing direction it is not mirrored. This katakana joins with other adjacent katakana to form a word. U+32EA offers a line break opportunity at its position, except in some numeric contexts.
The Wikipedia has the following information about this codepoint:
ひ, in hiragana, or ヒ in katakana, is one of the Japanese kana, which each represent one mora. Both can be written in two strokes, sometimes one for hiragana, and both are phonemically /hi/ although for phonological reasons, the actual pronunciation is [çi] , the sound would be nearer to be transcribed "hyi" in phonetic-based rōmaji. The pronunciation of the voiceless palatal fricative [ç] is similar to that of the English word hue [çuː] for some speakers.
In the Sakhalin dialect of the Ainu language, ヒ can be written as small ㇶ to represent a final h sound after an i sound (イㇶ ih). Along with other extended katakana, this was developed to represent sounds in Ainu that are not present in standard Japanese katakana.