FRANKFURT, Jan 27 - European Central Bank Executive Board member Gertrude Tumpel-Gugerell was quoted on Tuesday as saying that the central bank was not now considering cutting interest rates to offset the strong euro. "(A rate cut) is not an issue at the moment," Tumpel-Gugerell was quoted as saying by Bloomberg news agency in an article posted on its website. "The euro's appreciation has a dampening effect. But we are confident that the positive forces will predominate," she added. The euro has lost some ground against the dollar this month after European policymakers, including some from the ECB, said they were worried about large currency swings, which they said were unwelcome and inappropriate.//