Preheat oven to 325°.
Coat a 1 1/2-quart baking dish with cooking spray; set aside.
Combine milk and next 7 ingredients in a bowl; stir well with a whisk. Add rice, and stir well. Add cherries and currants; pour mixture into baking dish.
Place baking dish into a 13- x 9-inch baking pan. Pour hot water into baking pan to a depth of 1 inch. Bake at 325° for 55 to 57 minutes or until a knife inserted in center comes out clean.