I tried below REST API:
localhost/magento/rest/V1/customers/password
On your local machine, try installing this free SMTP module:
https://www.mageplaza.com/magento-2-smtp/
Also check in admin panel configuration that the email is turned on. There could be chances that email can be turned off from the admin panel:
Stores -> Configuration -> Advanced -> System -> Mail Sending Settings -> Disable Email Communications to No
or
https://magento.stackexchange.com/questions/143999/cant-send-any-email-from-magento-2-0-admin-panel
Hi @shivashank6042
Kindly refer below link for configure email sending services:
https://docs.magento.com/user-guide/system/email-communications.html
It may help you.
Thank you.