What is an equivalent for INDEX in ARRAYFORMULA?

Question

I have (what I thought was) a simple lookup table holding some exchange rates. There I am looking up values based on row and column indices.

How can I do that in an ARRAYFORMULA like this?:

=ARRAYFORMULA(INDEX(x!C2:C, F1:F))

x is the sheet holding the values, I am interested in column C, row index being held in my column F. Single value lookup like INDEX(x!C2:C, F7) is working as expected.

But the ARRAYFORMULA sadly it's not working since INDEX is not supported in ARRAYFORMULA I guess.