You want to know what happens with ^^<char>, where <char> stands for a printable ASCII character (that is, between 32 and 126). The rule is simple: if <code> is the ASCII code for <char>, then there are two cases:
if <code> > 63, then ^^<char> represents the ASCII character with code <code> - 64
if <code> ≤ 63, then ^^<char> represents the ASCII character with code <code> + 64
However, if <char> is among 0123456789abcdef and also the following character is in the same range, then ^^<char><char> represents the character with ASCII code resulting from interpreting the two characters as hexadecimal digits.
Quoting the TeXbook (page 45):
TeX has a standard way to refer to the invisible characters of ASCII:
Code 0 can be typed as the sequence of three characters ^^@, code 1 can
be typed ^^A, and so on up to code 31, which is ^^_ (see Appendix C).
If the character following ^^ has an internal code between 64 and 127, TeX
subtracts 64 from the code; if the code is between 0 and 63, TeX
adds 64. Hence code 127 can be typed ^^?, and
the dangerous bend sign can be obtained by saying
{\manual^^?}. However, you must change the category code of character
127 before using it, since this character ordinarily has category 15
(invalid); say, e.g., \catcode`\^^?=12.
[...]
There's also a special convention in which ^^ is
followed by two “lowercase hexadecimal digits,” 0–9 or a–f.
With this convention, all 256 characters are obtainable in a uniform
way, from ^^00 to ^^ff. Character 127 is ^^7f.
kin this way, but^^Me.g. is ASCII 13=CR and^^Jis LF etc and it is quite useful to have a way to add them explictly in the code e.g. in error messages. – Ulrike Fischer Jan 07 '18 at 14:49^^^M), some of the explanation might be useful: https://tex.stackexchange.com/q/388563/579 (this is one of the questions listed under "related:; it is hard to search for this particilar type of "code" question.) – barbara beeton Jan 07 '18 at 14:56