Index Match matching two criteria

You need to evaluate formula as string for array formula I believe.

Try something like...

Cells(i, 3) = Evaluate("=Index(" & rng3.Address & ",Match(1,(" & rng1.Address & "=(" & Cells(i, 1).Value & _
                "*(" & rng2.Address & "=(" & Cells(i, 2.Value & ",0))")

However, looks like Cells(i, 3) will cause circular reference?

Edit2:
Ah, it's been corrected. I've corrected my code as well.