In the present work, we have synthesized graphene sheets by optimizing reduction of graphite oxide (GO) by hydrazine hydrate (N₂H₄.xH₂O) reducing agent and anchored them with silver nanoparticles (Ag NPs). Morphological and spectroscopic studies confirmed the formation of highly exfoliated graphene sheets separated by Ag NPs with improved C/O ratio. The highly electrocatalytic and exfoliated network of graphene sheets/Ag nanocoatings uniformly adhered to FTO substrate has been utilized as platinum (Pt) free counter electrode (CE) in dye sensitized solar cells (DSSC). Fabricated DSSC with only 2.7 μm thick TiO₂ photoanode exhibited photo conversion efficiency (η = 3.44%) and short circuit current density (J_sc = 7.03 mA cm^-2) comparable to DSSC containing Pt-CE without any loss of open circuit voltage (V_oc = 0.71 V) and fill factor (FF = 0.68).