Rinse the rice: Place the rice in a fine-mesh strainer and rinse it thoroughly under cool water for about 1-2 minutes. The water should be almost clear (but it won't be perfectly clear).
Toast the rice: Press the saute button, heat the coconut oil in the pressure cooker pot, when hot add the rice, cook, stirring, for about 1 minute.
Cook the rice: Shake the coconut milk can before opening it. Measure out the coconut milk (small lumps are ok) and water and add to the pot, season with salt to taste, stir with the rice. Cover the pot with the lid, lock it into its position. Make sure the steam release valve is in the 'sealing' position. Set the high pressure for 4 minutes. Wait for the natural pressure release (until pin drops, don't touch the sealing valve). This will take about 10 minutes (for 1 cup of rice, if you added more rice it may take a little longer).
Open the pot and fluff the rice with a spatula, remove the rice immediately from the pot.
Optionally, toast the shredded coconut: add shredded unsweetened coconut to a pan and toast over low heat, stirring from time to time, until fragrant and lightly browned. Take immediately off the pan, so it won't burn.
Sprinkle the rice with toasted shredded coconut and serve.