Set pressure cooker to sauté and add butter or oil to the pot. Once the pot is ready, add Jasmine rice and sauté the rice for 3 minutes. Press cancel to end sauté.
Add broth to rice and stir to mix and deglaze the pot. Close and seal the lid, and turn or press the vent lever to seal (if needed). Set pot manually to high pressure for 4 minutes.
Once the pressure cooking cycle is complete, do a natural pressure release (leave the pot undisturbed) for 10 minutes, then initiate a quick release by carefully turning or pressing the pressure release button (refer to your pot's instructions). Fluff the Jasmine rice by stirring before serving.
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Notes
Store leftover basmati rice in the fridge for up to four days in an airtight container. Reheat the leftovers in the microwave or stovetop (add 2 tablespoons water) before serving. If using the microwave, cover the rice dish with a damp paper towel to keep it from drying. You should add a splash of water to rehydrate it.If you want to meal prep or make this Instant Pot rice recipe ahead, cook a big batch and portion it out into individual containers. Use the same ratios of 1 cup of water or broth to 1 cup of rice. The cooking times remain the same.