In a medium saucepan cook onion and almonds over medium heat in hot butter or margarine about 5 minutes or until onion is tender and almonds are golden. Stir in uncooked rice. Cook and stir for 4 minutes. Stir in carrot, currants or dried cherries, orange peel, cinnamon, black pepper, and red pepper.
Carefully stir chicken broth and water into saucepan. Bring to boiling; reduce heat. Simmer, covered, about 20 minutes or until liquid is absorbed and rice is tender. Makes 6 side-dish servings.