Need help to Rplace '' character in Unix.

I get file having ''character in it.In Unix this character is shown as '^Y'.

for test purpose i used following command

cat test | sed -e "s/^C^Y/ /g"

The contents of test fie are

Ashish^YisCool

and output shown was AshishisCool.
But when i redirect the output into someother fle i got the same data as in test file.

Please let me know if this can be done by any other command.

Thanks in advance

Cat will not print the control characters . So to view the control characters you have to use the option -v in cat.Then try what you want . Otherwise post the file which having that particular character.

Rule 5

replace invalid characters