I know that this is possible in eclipse by following the advice here: Android: resource String automatic generation
But I can\'t seem to find if this is possible in
Alt+Enter, Extract String Resource while the caret is inside the hardcoded string:

The same should work in XML files as well, and it does work in IntelliJ IDEA, but seems to be broken in the current version of the Android Studio:

Android Studio 0.1.3 shows the folded text in XML layouts that it extracts from the string resources, but it fails to navigate back to the resource and doesn't offer to extract resources from the hardcoded strings inside XML. It appears to be a bug.