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When searching the web for information about U+01FA, I have found here a topic where John Hudson explained that Aringacute is a Danish character and thus should be normally present in a well-designed Western font despite of the problems with vertical spacing it causes.
Now the question: so, how should I design this character, if increasing vertical font metrics is heavily undesired? Would it be possible, for example, to put the acute next to the ring rather than above it? Also, does anybody know, what this letter might look like in the traditional Danish typography?