While it doesn't have a literal meaning like "good morning" or "good evening," it conveys a sense of:
* Recognition: Acknowledging the other person's presence.
* Politeness: A brief gesture of respect and courtesy.
* Openness: Indicating a willingness to interact.
It's important to note that "hi" is not appropriate in all situations. It's generally best reserved for casual interactions with friends, family, or acquaintances. In more formal settings, a more formal greeting like "hello" or "good morning" is preferred.