Select Sauté on the Instant Pot and add 2 tablespoons unsalted butter. Melt the butter, stirring once or twice, until it is fully melted but not browned.
Pour in 1 1/4 cups low-sodium chicken broth. Add 1 cup rinsed long-grain white rice and spread the rice evenly across the liquid. Sprinkle 1 teaspoon dried parsley evenly over the rice.
Press Cancel to stop Sauté. Secure the lid and set the steam release valve to Sealing. Select High Pressure (Manual/Pressure Cook) and set the cook time to 6 minutes.
When the cooking cycle ends, allow the Instant Pot to naturally release pressure for 10 minutes without touching the valve.
After 10 minutes, carefully move the steam release valve to Venting to quickly release any remaining pressure. Wait until the float valve drops before opening the lid.
Open the lid away from your face, fluff the rice gently with a fork, and serve.