Well, I got the solution from msdn. On my windows server, I did below steps:

1. In the reporting services configuration manager, click web service url. Removed the SSL certificate to the port 443 by clicking advanced button.

2. open the rsreportserver.config file at C:\Program Files\Microsoft SQL Server\MSRS10_50.MSSQLSERVER\Reporting Services\ReportServer\ (file path may be differ based on SQL Server version). Open with administrator privileges.

3. Update and save SecureConnectionLevel field to 0 (initial value is 2) as below:

<Add Key="SecureConnectionLevel" Value="0"/>

Then I am able to deploy my reports. I now see a different issue in accessing my data sources.

When I open the report in the browser, I dont see data sources listed and when I click report I see below error:

"

An error has occurred during report processing. (rsProcessingAborted)

Cannot create a connection to data source 'abcd'. (rsErrorOpeningConnection)

For more information about this error navigate to the report server on the local server machine, or enable remote errors

"