This investigation is an attempt to study the production and characterization of dye produced by saprophytic fungi. From macerated plant materials (grains and straws of wheat and maize), twenty two fungal isolates were obtained. The most efficient isolate in producing pigment (designated as W5) was isolated from wheat grains. This isolate was identified as Epicoccum sp. The fungal pigment was produced by growing the isolate on the potato dextrose liquid medium. The produced dye was extracted using ethyl acetate. For optical characterization, color hue, UV/VIS spectra and the refractive index were determined. The IR spectrum was also conducted for primary chemical characterization. The electrical properties were also determined for the obtained material.