Zuma's move and the rand's reaction came before the new top leadership of the ruling African National Congress gathers for the first time.
On Sunday parliament said it would meet this week and review its rules relating to removing the country's president, after the constitutional court said on December 29 lawmakers had previously failed to hold Zuma to account, further fuelling rumours of an early exit for the 75-year-old leader.
Magashule said that there was only one item on the agenda, namely ANC president Cyril Ramaphosa's speech, celebrating the ANC's 106th birthday.
"It is quite clear that Ramaphosa is not equal to the task of getting rid Zuma as the majority of the ANC is still made up of corrupt and selfish leaders who put filling their own pockets before the needs of the people‚" Van Damme said.
"The market has increasingly priced in the fact that Zuma will step down before the 2019 election", said Christopher Shiells, managing analyst for emerging markets at Informa Global Markets.
Zuma's sacking past year of Finance Minister Pravin Gordhan triggered downgrades of South Africa's credit rating to junk status, significantly raising borrowing costs for Africa's most industrialized economy.
The president said that "this matter can not wait any longer".
A former trade unionist who was the ANC's key negotiator in the talks that lead to the end of apartheid, Ramaphosa went on to become a wealthy business tycoon, making him a favourite of both the party's left wing and the business community.
While it looks unlikely that Zuma would face any challenge in the current NEC meeting, Business Day, citing party officials, reported that a more intimate meeting could be set up in the coming weeks to discuss the matter. He had earlier been seen jogging on the city's waterfront.
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