紫 is built from the 止, 匕 (spoon / ladle), and 糸 components.
It reads シ like 止, as do 祉, 歯, and 雌 — learn 止 once and the family's reading comes with it.
A common word using 紫 is 紫 (むらさき), meaning “purple color, violet”.
Kanji that look similar include 歯, 歳, 渋, and 歴.