Does not seem to be supported.
Its almost a bug because i think that if you can define a variable with many repetitions and the merge field can display variables it should be able to display discrete repetitions of a variable.
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To my knowledge, you cannot use the index number in a merge variable. Please refer to Inserting merge variables onto a layout for more information.
You can use multivalued variables in calculations, though.
Have a great day.
Thanks for the link.
You're right, there a little note about this in the help article:
"A variable used as a merge variable cannot include the repetition (index) number of a repeating field (as in the syntax $variable[repetition]) or a file path."