Combine the olive oil and cumin seed in a large wide saucepan. Cook, stirring, over low heat until fragrant, about 1 minute. Stir in the rice and currants until coated. Add the water and salt. Bring to a boil, stirring once.
Cook, covered, over low heat until the water is absorbed and the rice is tender, about 18 minutes. Do not stir or uncover during cooking. Let stand, uncovered, for 5 minutes. Correct seasonings and serve hot.