Wash and soak the rice for at least 30 minutes. Soak the dals separately for 30 minutes.
Pressure cook the rice with some salt. Alternately rice can be boiled in a big pot of water with salt. Drain the water.
Heat 3tbsp coconut oil in a small pan, add mustard seeds, soaked dals, green chili, red chili and curry leaves. Once the seeds start to splutter, add the tempering to rice.
Add peanuts, grated coconut and chopped cilantro. Mix well and serve with Sri Lankan Curry.