Set pressure cooker to sauté and add butter or oil to the pot. Once pot is ready, add rice and sauté until the rice begins to turn golden (3-5 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 rice by stirring before serving.
Store leftover basmati rice in the fridge for up to four days in an airtight container. Reheat the leftovers in the microwave or on the stovetop (add 2 tablespoons water) before serving.If you want to meal prep or make ahead this Instant Pot rice recipe, cook a big batch and portion it out into individual containers.