I tried it now. Didn't work.
I think when i add the query to my favorites in the query designer, then it will automatically adds it to the SAP favorites menu.
I right clicked on the query>Change Favorites to see the path . The path is as below.
I don't know how that above path is generated.
I tried onething, i kept that correct URL in the Object description field and it worked. " http://sapbdc01.xxxxxx.com:8000/SAP/BW/BEX?&QUERY=ZCONSUMPTION" ( i got this URL, when i ran the query from RSRT using ABAP runtime) . But this is just a work around i did.
It should automatically get that correct server port info