Chemical functionalization of graphene greatly expands its potential in electronic, photovoltaics and bio-logical applications. The band gap tunability of graphene achieved during the process of its hydrogenation and dehydrogenation can open its potential as an acceptor material in organic photovoltaic (OPV) solar cells. In this paper, we report a rapid and extensive hydrogenation of single layer graphene (SLG) by Birch reduction followed by its oxidation back to the conducting SLG. Dehydrogenation of hydrogenated SLG using 2,3-dichloro-5,6-dicyano-1,4-benzoquinone (DDQ) as an oxidising agent was performed successfully. Raman, FT-IR and UV-Vis spectra provides supporting evidence for a successful dehydrogenation reaction. A control experiment without DDQ as an oxidant confirms its active role as an oxidising agent. Magnetic moment study reveals a reversibility of ferromagnetic hydrogenated SLG to a paramagnetic dehyrdrogenated SLG. Finally, the sheet resistance measurement of pristine, hydrogenated and dehydrogenated SLG shows almost complete reversal of the electrical conductivity.