"The fragrance of the flower"
Translation:फूल की ख़ुशबू
A dot below characters indicates that the word was borrowed from another language and contained a sound that Hindi doesn't historically have. In the word above the sound is a throaty 'k' which is written ق in arabic/persian. Depending on the region people more closely influenced by Arabic/Persian culture would potentially pronounce it the arabic way, but the majority of Indians would probably just pronounce it like a normal ख.
That's exactly correct for this letter (and a few others like फ़ and ज़ (pha and zha), but not for all letters, e.g., ड़ and ढ़). Growing up, we used to call them the Urdu loan letters (because as zeebo7 said, they were Persian influenced sounds)
On further reflection, I realised that the Urdu loan characters have a dot offset to the lower-left always - should be an easy way to spot them out. ख़, ज़, ग़, क़, फ़. Although some fonts might not make that distinction too explicit.