JOHANNESBURG - Embattled President, Jacob Zuma was on Tuesday given an ultimatum to resign as head of state or otherwise face a motion of no-confidence in Parliament tomorrow.

ANC Chief Whip Jackson Mthembu and ANC treasurer-general, Paul Mashatile on Wednesday afternoon, announced the decision of the ANC caucus; to announce a motion of no-confidence in the President, scheduled to take place on Thursday.

The rand, following the ANC caucus decision to pass a motion of no-confidence against Zuma, bid at R11.85 to the dollar before the press briefing and raised to R11.78 to the dollar after assurance was given that a new President would likely be elected by Friday.

In an interview with with the SABC on Wednesday afternoon, following the ANC's announcement, the President did not resign; amid speculation that he would yield to the recall of the ANC NEC.

"I am not defying [the ANC] I am disagreeing," Zuma said.