Rinse the jasmine rice under cold running water until the water becomes clear to remove excess starch.
Transfer the rinsed rice to the Instant Pot and add the water. If using salt or butter, stir it in now.
Close the lid, set the valve to “Sealing,” and select the Pressure Cook or Manual mode. Cook on HIGH pressure for 4 minutes.
Once the cooking time is up, let the pressure naturally release for 10 minutes.
Carefully switch the valve to “Venting” to release any remaining pressure, then open the lid.
Fluff the rice gently with a fork and serve immediately.
Notes
For softer rice, add an extra ¼ cup of water per cup of rice. For firmer rice, reduce the water slightly or let it sit uncovered for a few minutes after cooking.