PWM Current Measurement?

Of course. The higher the frequency the better, though.

http://www.tmworld.com/article/318262-Measure_PWM_motor_efficiency.php

It depends whether the PWM current is single polarity (interrupted DC, e.g. a DC motor variable drive) or bipolar (symmetrical positive and negative pulses).

A DC meter measures mean current, on average the value over a symmetrical AC cycle is zero - a moving coil meter will flicker about zero if the frequency is low enough, but at 50/60 Hz movement will be invisible. Digital meters average over 50 or 60 Hz period to minimize the effect of AC imposed on the DC but if the frequency were not mains standard e.g. variable speed AC motor, there would usually be an erratic reading due to the residual part of the cycle.

In any case, the usual DC meter measures mean/average current, not the root mean square value which indicates the heating [I²R] effect on the load (such as losses in a motor). A mean value will under-estimate the real losses seriously for peak currents much exceeding the mean (compare DC current of one ampere constant for 1 second with 1/2 second 2 ampere square pulse in 1 second - the mean current is same but rms current is double).

It is possible that if you have a moving iron pointer ammeter [ rms reading, basically, on mains, but probably not with high harmonic content] or a true rms digital meter, it will read rms OK on a a single polarity on AC range (but it may have a DC blocking capacitor on AC ranges).

A way to test would be to use a "firebar" resistance as a load and compare readings with it fed with AC compared to that same AC fed through a bridge rectifier. This would only verify accuracy with sinusoidal current - if you have an oscilloscope to measure pulse current and duration you could test your drive into a resistance load and compute rms current to compare with meter reading.