Step 1: Set up the matching at $x=1$.
For $|x|>1$, $f(x)=\dfrac{1}{|x|}$, so as $x\to 1^+$, $f(x)\to 1$. For $|x|\le 1$, $f(x)=ax^2+b$, so as $x\to 1^-$, $f(x)\to a+b$.
Step 2: Require the limit at $x=1$ to exist.
For $\lim_{x\to1}f(x)$ to exist, the two side limits must agree: $a+b = 1$.
Step 3: Set up the matching at $x=-1$.
As $x\to -1^-$, $f(x)=\dfrac{1}{|x|}\to 1$. As $x\to -1^+$, $f(x)=ax^2+b \to a(1)+b = a+b$.
Step 4: Note this gives the same condition.
Existence at $x=-1$ again requires $a+b = 1$, so the symmetry produces no new equation. We pick the option satisfying this.
Step 5: Test the candidate $a=\frac32,\,b=-\frac12$.
Check $a+b = \frac32 - \frac12 = 1$. This satisfies the matching condition exactly.
Step 6: Confirm against the others.
Among the options, $a=\frac32,\,b=-\frac12$ is the pair giving $a+b=1$ (note $a=b=1$ gives $a+b=2\neq1$), so it is the answer.
\[ \boxed{a=\dfrac32,\ b=-\dfrac12} \]