It resolved. One additional thing that I did which worked for me is. Installed the certificate in "Trusted Root Authority" store on the server.

.. On the server

1. Accessed the server repors URL

2.Clicked on the Certificate Error message on the browser.

3.Clicked "Install Cetificate"

4.Choosen "Trusted Root Certification Authorities" store to install the certificate.

Now my reporting services are working fine on SSL.