Sift flour, powdered sugar, and salt together in a medium bowl. Make a well in the center and to this add olive oil and egg. Add milk a little at a time. Mix well and refrigerate for 2 hours.
When batter has rested enough heat oil to 350˚F. Drain pineapple and pat slices with paper towels to dry. Spread coconut onto a plate. Using a fork dip each pineapple ring first in the batter and then in the coconut.
Fry rings until they are golden brown on the outside (about 2 minutes per side). Flip and fry the other side. Drain on paper towels and serve warm or room temperature. Optional: serve with whipped cream or fruit dip to dunk the fritters in.