The S-duality transformations of the lowest order string effective the
ory admit a space time interpretation for ii-dim backgrounds with one
Killing symmetry. Starting from pure gravity and performing a sequence
of intertwined T-S-T duality transformations we obtain new solutions
which are always purely gravitational. In this fashion, S-duality indu
ces an SL(2,R) transformation in the space of target space metrics, wh
ich coincides with the action of the Ehlers-Geroch group and interchan
ges the electric with the magnetic aspects of gravity. Specializing to
gravitational instanton backgrounds, we show that ALE instantons are
mapped to (multi) Taub-NUT backgrounds and vice versa. We find, howeve
r, that the self-duality of the metric is not generically preserved, u
nless the corresponding Killing vector field has self-dual covariant d
erivatives. Thus, the T-S-T transformations are not always compatible
with the world-sheet supersymmetry of N = 4 superconformal string vacu
a. We also provide an algebraic characterization of the corresponding
obstruction and associate it with a breakdown of space time supersymme
try under rotational T-duality transformations.