To acces to your localhost the IP is
10.0.2.2 Special alias to your host loopback interface (i.e., 127.0.0.1 on your development machine)
From Android docs:
At startup, the emulator reads the list of DNS servers that your system is currently using. It then stores the IP addresses of up to four servers on this list and sets up aliases to them on the emulated addresses 10.0.2.3, 10.0.2.4, 10.0.2.5 and 10.0.2.6 as needed.
On Linux and OS X, the emulator obtains the DNS server addresses by parsing the file /etc/resolv.conf. On Windows, the emulator obtains the addresses by calling the GetNetworkParams() API. Note that this usually means that the emulator ignores the content of your "hosts" file (/etc/hosts on Linux/OS X, %WINDOWS%/system32/HOSTS on Windows).
When starting the emulator at the command line, you can also use the -dns-server option to manually specify the addresses of DNS servers to use, where is a comma-separated list of server names or IP addresses. You might find this option useful if you encounter DNS resolution problems in the emulated network (for example, an "Unknown Host error" message that appears when using the web browser).
At your console use:
emulator -avd <you_avd_name> -dns-server <serverList>
I used when I had to connect to a VirtualBox with a linux distro on the same PC and it worked from the emulator webview http://10.0.2.3/servlet-name
Reference: Emulator Networking