The problem was, I need to specify USB bus number with device number for USB Pass-Through.
Get the list of USB's by this command lsusb
and it will list them as following:
My keyboard bus number is 002 and address is 001. So, change the command based on the device number and address. So, my command will be as follows:
qemu-system-arm -M overo -m 256 -sd ./test.img -clock unix -serial stdio -usb -device usb-host,hostbus=2,hostaddr=1
You need to add this line -usb -device usb-host,hostbus=2,hostaddr=1
based on the device number and address. To get cursor pointer working add -show-cursor
as specified by here