We report a new chemical method for synthesis of graphene with good yield. Graphene obtained by this chemical route was subjected to electrochemical characterization using two different redox materials for their suitability in electrochemical biosensing applications. The synthesized graphene was used for the detection of neurotransmitters like dopamine and serotonin. The electrodes exhibited 20% +/- 5% (N = 5) decrease in their signal after forty five days storage in the laboratory atmosphere. High stability of chemically synthesized graphene as electrochemical biosensor is presented in this work.