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Hexadecimal to character is not actual conversion, but simple representation of the corresponding character.
This is because a computer can only understand numbers, so characters have to be represented as numbers, and in turn numbers can be converted into other representations in other number systems.
For example the decimal code for the ASCII character % is 37, so its equivalent hexadecimal value is 25 and its octal value is 045.
An ASCII character is represented by two hexadecimal values, so when we say to convert the hexadecimal value 48 45 4c 4c 4f to character or string, we get HELLO.