Correct Answer: 124%

Solution : Based on the provided bar graph,
The 1996– 1997 foreign exchange reserves were $4320$ million.
Average foreign exchange reserves over the given period = $\frac{2640+3720+2520+3360+3120+4320+5040+3120}{8} = 3480$ million US dollars
3480 million US dollars is the average foreign exchange reserves over all years.
Required percentage = $\frac{\text{The reserves of foreign currency in 1996–1997}}{\text{Average foreign exchange reserves for all the years}} \times 100$
= $\frac{4320}{3480} \times 100=124$%
Hence, the correct answer is 124%.