On Tuesday, he was recalled by the party's national executive committee following a 13-hour meeting that ran from Monday afternoon into the early hours of Tuesday morning.
It dumped him as party leader in December, narrowly electing Ramaphosa, a millionaire former union leader, over Zuma's preferred successor, his ex-wife Nkosazana Dlamini-Zuma.
The rand has gained around 20 per cent since mid-November previous year, with most of these gains achieved after Mr Ramaphosa in December won the ANC's nomination to replace Mr Zuma.
Besides his controversial relationship with the influential Guptas family, Zuma has 783 counts of corruption outstanding against him relating to a multi-billion dollar state arms deal in the late 1990s.
It was obvious on Tuesday that Zuma was reluctant to go. Spokesmen for both the presidency and the ANC remained unavailable for comment.
The ANC could throw its weight behind such a vote if it lost patience with Zuma, John Ashbourne, Africa Economist at Capital Economics said in a note.
Magashule said Zuma asked for three to six months to complete the job, but said the party felt that was too long, given his sinking approval ratings as critical elections approach next year.
Image A police van and uniformed and plain-clothes police officers inside the compound of the controversial business family
Should Mr Zuma fail to heed the ANC's directive, the next step would be for the party to call for a vote of no confidence in parliament, or outright impeachment. Opposition parties have clamoured for a debate on a motion of no confidence in the president, scheduled for February 22, to be brought forward so that Parliament could seal his fate.
ANC Secretary-General Ace Magashule said he expected Zuma to reply to the directive on Wednesday.
Its motion will be amended by the ruling African National Congress (ANC) to retain the "no confidence" elements but with a different preamble and reasoning.
Zuma's links to the wealthy India-born Gupta family, who are alleged to have influenced the government, have caused his popularity to plummet.
"One of Zuma's sons works for the Guptas, as do the children of other high ranking officials. We're not playing around in terms of making sure that those who are responsible in the so-called state capture, they take responsibility for it", Mulaudzi said.
Should Zuma refuse to obey the NEC's order to step down, the party could tell its lawmakers to use their majority in parliament to vote him out of office, clearing the way for Ramaphosa to take over.
Under South Africa's national constitution, Zuma can not be forced out of office.
The country will hold its general elections next year, and the ANC is seen as anxious not to allow Zuma to lead it to the polls and shed further support.
Oxfam promises reforms after Haiti sex scandal
Thompson said she shared the "anger and shame that behavior like that highlighted in Haiti in 2011 happened in our organization". She will also seek to confirm they have referred all concerns about specific cases and individuals to the relevant authorities.