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South Africa's rand steadied against the dollar early on Tuesday as investors waited to hear whether President Jacob Zuma will resign as head of state after reports that the ruling African National Congress (ANC) had instructed him to step down.

The NEC convened a special meeting on Monday in Pretoria.

Ramaphosa narrowly defeated Zuma's ex-wife and preferred successor, Nkosazana Dlamini-Zuma, in the leadership vote, forcing him to tread carefully in handling Zuma for fear of deepening rifts in the party a year ahead of an election.

Zuma has been living on borrowed time since Ramaphosa, a union leader and lawyer once tipped as Mandela's pick to take over the reins, was elected as head of the 106-year-old ANC in December.

Zuma faces more than 780 allegations of corruption relating to a 1990s arms deal.

The family is suspected of using its connections to the president to influence Cabinet appointments and win state contracts, and has been a flashpoint for national anger over corruption in state enterprises during Mr Zuma's tenure.

ANC members are intensifying pressure on Zuma to resign, telling the media he will do so on Wednesday.

However, the situation has escalated, with ANC chief whip Jackson Mthembu saying a motion of no-confidence in the president will be heard tomorrow.

Mr Zuma has every incentive to hang on as long as possible.

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He is said to have argued that in light of the state capture inquiry investigating Zuma's relationship with the Guptas, threat of impeachment and a motion of no confidence against him, recalling him was "saving Zuma from himself".

Mr Magashule said Mr Zuma had yet to agree, but that discussions with the president thus far were "amicable".

The ANC announces a timeline for Zuma's exit, including a motion of no confidence against him on Thursday if he did not resign on Wednesday.

According to a statement released by the Hawks - the police's elite high-priority crimes unit - the raids were carried out at the home of the Gupta family in the plush suburb of Saxonwold here in connection with the Vrede farm investigation. Both the Guptas and Mr Zuma say they have done nothing wrong.

South African media is calling President Zuma's seemingly inevitable exit "Zexit".

The party was expected to write to Zuma on Tuesday morning, informing him of its decision.

In 2016, South Africa's top court ruled that Zuma had acted unconstitutionally when he used $15 million in public funds to upgrade his private home and ordered him to repay some of the money.

Alleging he was being victimised, he said, "It was very unfair to me that this (resignation) issue is raised".