Step 1: Squaring the first equation.
\[
(x^2+y^2)^2 = \left(t+\frac{1}{t}\right)^2
\]
\[
x^4+y^4+2x^2y^2=t^2+\frac{1}{t^2}+2
\] Step 2: Using the second equation.
Given
\[
x^4+y^4=t^2+\frac{1}{t^2}
\]
Subtracting, we get
\[
2x^2y^2=2 \Rightarrow x^2y^2=1
\] Step 3: Differentiating implicitly.
\[
x^2y^2=1
\]
\[
2xy^2+2x^2y\frac{dy}{dx}=0
\] Step 4: Solving for $\dfrac{dy{dx}$.}
\[
\frac{dy}{dx}=-\frac{y}{x}
\] Step 5: Conclusion.
The value of $\dfrac{dy}{dx}$ is $-\dfrac{y}{x}$.