Invalid URL Error when deploying rdl to SharePoint 2010

Has anyone come across the following error when trying to deploy a .rdl file onto SharePoint 2010?

Report Server has encountered a SharePoint error. ---> Microsoft.ReportingServices.Diagnostics.Utilities.SharePointException: Report Server has encountered a SharePoint error. ---> Microsoft.SharePoint.SPException: The URL 'ReportingFolder/abc.rdl' is invalid. It may refer to a nonexistent file or folder, or refer to a valid file or folder that is not in the current Web. ---> System.Runtime.InteropServices.COMException: The URL 'ReportingFolder/abc.rdl' is invalid.

It may refer to a nonexistent file or folder, or refer to a valid file or folder that is not in the current Web.