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We rediscuss the unusual case of the slowly rotating late-type giant HR 1362, which exhibits a very unusual high level of magnetic activity. New BVRI photometry from two robotic telescopes from 1991 through 1998 together with previously published photometric data gives a very precise photometric period of 306.9±0.4 days. With the aid of high-resolution (R=120,000) optical spectra and the Hipparcos parallax we redetermine the absolute parameters of HR 1362 and find it to be a single G8IV-III star of 14L_☉ and a mass of 1.85M_☉ with T_eff=5125K, logg=3.25, and solar abundances. Lithium is not significantly different from solar and we obtain logn(Li)=1.14 from a detailed spectrum synthesis including both isotopes at 6708Å. Vsin i and macroturbulence are determined from fits of disk-integrated models to the observed line profiles as well as their Fourier transforms and are 1.5±0.5km/s and ≃5km/s, respectively. The minimum radius from vsin i and P_rot is only then in agreement with the spectral classification and the bolometric luminosity from the Hipparcos parallax if the inclination of the stellar rotation axis is nearly 90°. We concur with the arguments of Stepien (1993ApJ...416..368S) that HR 1362 is an evolved Ap star, and therefore the magnetic field is possibly of galactic origin rather than dynamo generated.