Does hai mean yes?

Could you please clarify for me, does the word "hai" indeed signify a positive response, akin to "yes" in the English language? I've encountered this term in various contexts and am eager to understand its precise meaning. In certain cultural settings, it seems to be used as a common affirmative, but I'm interested in its specific nuances and whether it can be interchangeably used with "yes" in all situations. Thank you for your assistance in clearing up this linguistic confusion for me.