Place your basmati rice in a fine sieve mesh and rinse with cold water, using your fingers to stir the rice. Rinse until the water runs clear, and there is no white or milky appearance the water.
Transfer the rinsed basmati to the inner pot of your instant pot or pressure cooker and add water ( or broth ), cooking oil or butter, and a pinch of salt ( optional ). Make sure that all the grains of rice are at the bottom, and none are stuck on the sides of the inner pot. *You can saute the rice for 2 - 3 minutes prior to adding water, if desired.
Seal and lock the lid in place, and set the 'manual' high pressure cook time to 5 minutes.
Allow the natural release to run for 10 minutes, then finish by quick-releasing the remaining pressure and removing the lid.
Use a fork to fluff the rice, and serve.