We report the detection with the Rossi X-Ray Timing Explorer (RXTE) Proportional Counter Array (PCA) of 530 Hz burst oscillations in a thermonuclear (type Ⅰ) burst from the transient X-ray source A1744-361. This is only the second burst ever observed from this source, and the first to be seen in any detail. Our results confirm that A1744-361 is a low-mass X-ray binary (LMXB) system harboring a rapidly rotating neutron star. The oscillations are first detected along the rising edge of the burst, and they show evidence for frequency evolution of a magnitude similar to that seen in other burst sources. The modulation amplitude and its increase with photon energy are also typical of burst oscillations. The lack of any strong indication of photospheric radius expansion during the burst suggests a 9 kpc upper limit of the source distance. We also find energy-dependent dips, establishing A1744-361 as a high-inclination, dipping LMXB. The timescale between the two episodes of observed dips suggests an orbital period of ～97 minutes. We have also detected a 2-4 Hz quasi-periodic oscillation (QPO) for the first time from this source. This QPO appears consistent with ～1 Hz QPOs seen from other high-inclination systems. We searched for kilohertz QPOs and found a suggestive 2.3 σ feature at 800 Hz in one observation. The frequency, strength, and quality factor are consistent with that of a lower frequency kilohertz QPO, but the relatively low significance argues for caution, so we consider this a tentative detection requiring confirmation.
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